MIRA INFORM REPORT

Report Date :

20.09.2013

IDENTIFICATION DETAILS

Name :	RAMSONS GARMENTS FINISHING PRIVATE LIMITED
Formerly Known As :	RAMSONS GARMENT FINISHING EQUIPMENT PRIVATE LIMITED
Registered Office :	320, Mysore Road, Bangalore – 560026, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.01.1994
Com. Reg. No.:	08-015114
Capital Investment / Paid-up Capital :	Rs. 3.500 Millions
CIN No.: [Company Identification No.]	U18101KA1994PTC015114
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, Selling and Installing of Laundry Equipments and Garment Finishing Machineries.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 1070000
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 :	Ms. Sabita Bhattacharya
Designation :	Marketing Manager
Contact No.:	91-9611101205
Date :	18.09.2013

LOCATIONS

Registered/ Head Office/ Factory :	320, Mysore Road, Bangalore – 560026, Karnataka, India
Tel. No.:	91-80-26743737/ 26745885/ 26746983/ 26749238
Mobile No.:	91-9611101205 (Ms. Sabita Bhattacharya)
Fax No.:	91-80-26746042
E-Mail :	info@ramsonsindia.com accounts@ramsonsindia.com
Website :	www.ramsonsindia.com
Location :	Owned
Branch Office :	D-85, Okhla, Phase-I, New Delhi - 110020, India
Tel. No.:	91-11-26811186
Fax No.:	91-11-26811186
Branch Offices :	Also Located at · Ludhiana · Noida · Delhi · Gurgaon · Jaipur · Ahmedabad · Indore · Kolkata · Mumbai · Pune · Goa · Hyderabad · Bangalore · Tirupur · Cochin · Vijayawada · Chennai · Vishakhapatnam
Overseas Offices :	Located at: · Kathmandu · Dhaka · Sri Lanka · Dehiwala

DIRECTORS

AS ON 28.09.2012

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	Company/ LLP Status	Defaulting status
1	U18101KA1994PTC015114	RAMSONS GARMENTS FINISHING PRIVATE LIMITED	Managing director	03/04/1995	03/04/1995	Active	NO
2	U18101KA1995PTC019270	RAMSONS VEIT PRIVATE LIMITED	Director	27/11/1995	27/11/1995	Active	NO
3	U18101KA2000PTC026476	RAMSONS UDHYOG PRIVATE LIMITED	Director	25/02/2000	25/02/2000	Active	NO

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	Company/ LLP Status	Defaulting status
1	U18101KA1994PTC015114	RAMSONS GARMENTS FINISHING PRIVATE LIMITED	Director	03/04/1995	03/04/1995	Active	NO
2	U18101KA1995PTC019270	RAMSONS VEIT PRIVATE LIMITED	Director	27/11/1995	27/11/1995	Active	NO
3	U18101KA2000PTC026476	RAMSONS UDHYOG PRIVATE LIMITED	Director	25/02/2000	25/02/2000	Active	NO

Name :

Mr. Sunder 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	Company/ LLP Status	Defaulting status
1	U18101KA1994PTC015114	RAMSONS GARMENTS FINISHING PRIVATE LIMITED	Director	12/01/1994	12/01/1994	Active	NO
2	U18101KA1995PTC019270	RAMSONS VEIT PRIVATE LIMITED	Director	27/11/1995	27/11/1995	Active	NO
3	U18101KA2000PTC026476	RAMSONS UDHYOG PRIVATE LIMITED	Director	25/02/2000	25/02/2000	Active	NO
4	U74999KA2006PTC041196	ELKAY RAMSONS TEXTILE PROCESSING PRIVATE LIMITED	Director	25/08/2008	25/08/2008	Active	YES

Name :

Mr. 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 Bhattacharya
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

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

AS ON 28.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturing, Selling and Installing of Laundry Equipments and Garment Finishing Machineries.
Products/ Services :	Laundry Equipments and Garment Finishing Machineries.
Exports :
Products :	Laundry Equipments and Garment Finishing Equipment
Countries :	· Europe · African Countries · Saudi Arabia · Sri Lanka · 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.	8847

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

400 (Approximately)

Bankers :

· Indian Bank, Sadashivnagar Branch, Lower Palace Orchard, Sanky Road, Bangalore - 560003, Karnataka, India

· Indian Overseas Bank

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
Working Capital Loans repayable on demand from banks	203.283	169.900
Bill Discounting	22.610	3.567
Total	225.893	173.467
NOTE: SHORT TERM BORROWINGS Working capital loan from Indian Bank, Sadashivnagar Branch, Bangalore is secured by against fixed deposits of the company. The working capital loan is repayable on demand and carries interest @ 10.00% p.a.

Banking Relations :	--
Auditors :
Name :	Harish Kumar Dogra Chartered Accountant
Address :	No 384, 17th Main, 4th T Block, Jayanagar, Bangalore – 560041, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	ADPPD4280P
Associates/Subsidiaries :	· Ramsons Udhyog Private Limited · Ramsons Veit Private Limited · Ramdhan Laundries · Sri Rama Metal Works · Panchavati Hitech Products

CAPITAL STRUCTURE

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
350,000	Equity Shares	Rs. 10/- each	Rs. 3.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.500	3.500
(b) Reserves & Surplus	265.243	254.084
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	268.743	257.584
(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	4.994	0.946
(d) long-term provisions	6.371	5.509
Total Non-current Liabilities (3)	11.365	6.455
(4) Current Liabilities
(a) Short term borrowings	225.893	173.467
(b) Trade payables	158.322	174.872
(c) Other current liabilities	112.683	123.334
(d) Short-term provisions	5.006	6.278
Total Current Liabilities (4)	501.904	477.951
TOTAL	782.012	741.990
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46.438	64.868
(ii) Intangible Assets	0.129	0.180
(iii) Capital work-in-progress	32.409	1.709
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.000	1.000
(c) Deferred tax assets (net)	3.330	2.548
(d) Long-term Loan and Advances	60.643	58.216
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	143.949	128.521
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	87.643	64.855
(c) Trade receivables	283.987	305.810
(d) Cash and cash equivalents	250.927	229.702
(e) Short-term loans and advances	15.506	13.102
(f) Other current assets	0.000	0.000
Total Current Assets	638.063	613.469
TOTAL	782.012	741.990

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.500
2] Share Application Money		0.000
3] Reserves & Surplus		234.565
4] (Accumulated Losses)		0.000
NETWORTH		238.065
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		238.065
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		60.696
Capital work-in-progress		0.000
INVESTMENT		1.000
DEFERREX TAX ASSETS		2.283
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	36.020
	Sundry Debtors	273.527
	Cash & Bank Balances	217.410
	Other Current Assets	0.000
	Loans & Advances	68.984
Total Current Assets		595.941
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	136.972
	Other Current Liabilities	271.167
	Provisions	13.716
Total Current Liabilities		421.855
Net Current Assets		174.086
MISCELLANEOUS EXPENSES		0.000
TOTAL		238.065

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	646.594	650.025	523.554
		Other Income	NA	47.873	NA
		TOTAL (A)	NA	697.898	NA
Less	EXPENSES
		TOTAL (B)	NA	646.175	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		47.368	51.723	49.274
Less	FINANCIAL EXPENSES (D)		20.176	14.133	15.428
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.192	37.590	33.846
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.942	7.966	6.950
	PROFIT BEFORE TAX (E-F) (G)		20.250	29.624	26.896
Less	TAX (H)		9.092	10.105	10.299
	PROFIT AFTER TAX (G-H) (I)		11.158	19.519	16.597
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Export	97.688	44.098	33.099
		Sale of services	16.028	6.824	0.000
	TOTAL EARNINGS		113.716	50.922	33.099
	IMPORTS
		Raw Materials	61.534	44.138	61.894
		Traded Goods	43.955	36.691	0.000
		Capital Goods	0.000	4.588	0.000
	TOTAL IMPORTS		105.489	85.417	61.894
	Earnings Per Share (Rs.)		31.88	55.77	47.42

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	2.80	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.72	4.02	4.10
Return on Investment (ROI) (PBT/Networth)		0.08	0.12	0.11
Debt Equity Ratio (Total Debt/Networth)		0.84	0.67	0.00
Current Ratio (Current Asset/Current Liability)		1.27	1.28	1.41

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	10416705	07/03/2013	343,900,000.00	INDIAN BANK	SADASHIVNAGAR BRANCH, LOWER PALACE ORCHARD, SANKY ROAD, BANGALORE - 560003, KARNATAKA, INDIA	B72276140
2	10374290	09/08/2012	40,000,000.00	INDIAN BANK	SADASHIVNAGAR BRANCH, LOWER PALACE ORCHARD, SANKY ROAD, BANGALORE - 560003, KARNATAKA, INDIA	B57172132

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Guarantee in respect of
Bank Guarantee	14.410	14.241
Letter of Credit	2.173	1.279
Total	16.583	16.583

FIXED ASSETS:

· Land

· Land and 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 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. 61.75
UK Pound	1	Rs. 99.56
Euro	1	Rs. 83.55

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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		51

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.