MIRA INFORM REPORT

Report No. :	353095
Report Date :	14.12.2015

IDENTIFICATION DETAILS

Name :	OPTITEX INDIA PRIVATE LIMITED

Registered Office :	629-630, 6th Floor, Som Dutt Chamber – II, Bhikaji Cama Place, New Delhi - 110066
Tel. No.:	91-11-40582339/ 40921395

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	27.04.2005

Com. Reg. No.:	55-135529

Capital Investment / Paid-up Capital :	Rs. 2.019 Million

CIN No.: [Company Identification No.]	U72200DL2005PTC135529

IEC No.:	0505048060

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACO7468B

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of 2D/3D CAD - CAM software’s and hardware’s which is being used by garments manufacturing companies throughout the world. (Registered Activity)

No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 16000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is established company having moderate track record. The rating takes into account on company’s moderate financial risk profile constrained by its small net worth and declined cash and its equivalents during the year under review. This rating weakness is partially offsets by the extensive experience of the promoter’s, established track record of company and sustained increase in scale of operations along with debt free balance sheet. Trade relations seem to be fair. Business is active. Payment terms are slow but correct. In view of aforesaid, the company can be considered for business dealings with some cautions

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Ajay Khanna
Designation :	Finance Department
Contact No.:	91-9811118855
Date :	09.12.2015

LOCATIONS

Registered Office :	629-630, 6th Floor, Som Dutt Chamber – II, Bhikaji Cama Place, New Delhi – 110066, India
Tel. No.:	91-11-40582339/ 40921395
Mobile No.:	91-9811118855 (Mr. Ajay)
Fax No.:	91-11-66173638
E-Mail :	ajay@khannaca.co.in optitex.india@optitex.com
Website :	http://www.optitex.com

Branch Office :	#507, “B” wing, Mittal Tower, M.G. Road, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-40921395

Overseas Offices :	Bangladesh China Hong Kong Indonesia Japan Korea Singapore Sri Lanka Malaysia Vietnam Thailand Israel

DIRECTORS

As on: 31.03.2015

Name :

Mr. Saar Machtinger

Designation :

Managing Director

Address :

Bonei Ha'ir 16, Tel Aviv Jaffa, 69373, Israel

Date of Birth/Age :

27.03.1971

Date of Appointment :

16.11.2005

DIN No.:

01329705

Other Directorship:

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

U72200DL2005PTC135529

OPTITEX INDIA PRIVATE LIMITED

Director

12/02/2010

Active

U92413KA2012NPL062459

New Acropolis Cultural Association

Director

08/02/2012

Active

Name :

Mr. Ran Machtinger

Designation :

Director

Address :

Property 69, Talmey, Eliezer, 38812, ISRAEL

Date of Birth/Age :

26.04.1978

Date of Appointment :

27.04.2005

DIN No.:

01467322

Name :

Mr. Ran Avraham Kremer

Designation :

Director

Address :

Flat 203, H.M Studios, 67, St Marks Road, Bangalore, 560032, Karnataka, India

Date of Birth/Age :

12.09.1971

Date of Appointment :

12.02.2010

DIN No.:

02855985

Other Directorship:

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

U72200DL2005PTC135529

OPTITEX INDIA PRIVATE LIMITED

Director

12/02/2010

Active

U92413KA2012NPL062459

New Acropolis Cultural Association

Director

08/02/2012

Active

KEY EXECUTIVES

Name :	Mr. Ajay Khanna
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2015

Names of Shareholders		No. of Shares
Optitex Limited, Israel		200927
Optitex USA Inc. New York		1003
Total		201930

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of 2D/3D CAD - CAM software’s and hardware’s which is being used by garments manufacturing companies throughout the world. (Registered Activity)

Products :	--

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :
Products :	Software
Countries :	Israel

Terms :
Selling :	Credit (30/ 60/ 90 Days)

Purchasing :	Credit (30/ 60/ 90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Optitex Limited, Israel
Aareeva – Faxmyway
Amsalem Business Travels Private Limited
Amarya Hospitality Private Limited
Bisleri Point
Contact Communication
Garment technology
G R K and Company
HTL Logistics India Private Limited
Ikon Outsourcing Private Limited

Reference :
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

End Users

Cornell Overseas Private Limited
CTA Apparels
Global Apparel Service Linkers
Goodwill Impex
Indigo Collections Private Limited
Metropolis Fashion
National Institute of Fashion Technology(Hyderabad)
National Institute of Fashion Technology
National Institute of Fashion Technology(Delhi)
NDTV Ethnic Retail Private Limited
Shahi Bangalore
SND INC
JCA Seating
Paragon Apparels Private Limited

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

30 (Approximately)

Bankers :

UTI Bank, Lajpat Nagar-II, Delhi, India
ING Vysya Bank Limited

Bank Name	Axis Bank Limited
Branch	B-6, Ground and 1^st Floor, Lajpat Nagar, 2-Lajpat Nagar, Delhi – 110024, India
Person Name (With Designation)	Not Divulged
Contact Number	91-11-46405400 (Continuously Ringing)
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Sombir Kumar and Company Chartered Accountants
Address :	4^th, Gopala Tower, 25, Rajendra Place, Delhi – 110008, India
E-Mail :	ajay@khanna.co.in
PAN:	AXXPK1819P

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on: 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

220000	Equity Shares	Rs.10/- each	Rs.2.200 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

201930	Equity Shares	Rs.10/- each	Rs. Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.019	0.500	0.500
(b) Reserves & Surplus	3.743	(1.661)	(4.335)
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	1.629	1.629
Total Shareholders’ Funds (1) + (2)	5.762	0.468	(2.206)

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.037	0.021
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.037	0.021

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	15.832	8.576	7.556
(c) Other current liabilities	5.183	10.677	3.502
(d) Short-term provisions	1.598	0.168	0.070
Total Current Liabilities (4)	22.613	19.421	11.128

TOTAL	28.375	19.926	8.943

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.960	0.863	0.568
(ii) Intangible Assets	0.006	0.010	0.007
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.090	0.090	0.090
(c) Deferred tax assets (net)	0.412	0.000	0.000
(d) Long-term Loan and Advances	1.657	1.714	0.951
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3.125	2.677	1.616

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1.088	1.681	1.649
(c) Trade receivables	14.826	2.602	1.143
(d) Cash and cash equivalents	8.546	11.891	4.056
(e) Short-term loans and advances	0.000	0.000	0.011
(f) Other current assets	0.790	1.075	0.468
Total Current Assets	25.250	17.249	7.327

TOTAL	28.375	19.926	8.943

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	71.133	28.938
		Other Income	(2.100)	0.322
		TOTAL (A)	69.033	29.260	NA

Less	EXPENSES
		Purchases of Stock-in-Trade	31.632	4.062
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.593	(0.032)
		Employees benefits expense	12.638	8.319
		Other expenses	15.903	13.974
		TOTAL (B)	60.766	26.323	NA

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.267	2.937	0.018

Less	FINANCIAL EXPENSES (D)		0.086	0.034	0.012

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.181	2.903	0.006

Less	DEPRECIATION/ AMORTISATION (F)		0.291	0.213	0.175

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		7.890	2.690	(0.169)

Less	TAX (H)		2.486	0.016	0.005

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		5.404	2.674	(0.174)

	EARNINGS IN FOREIGN CURRENCY		21.147	0.303	1.245

	Earnings Per Share (Rs.)		26.76	53.48	(3.48)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net Cash flows from operating activities	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	7.60	9.24	NA

Operating Profit Margin (PBIDT/Sales)	(%)	11.62	10.15	NA

Return on Total Assets (PBT/Total Assets}	(%)	28.31	13.56	(1.91)

Return on Investment (ROI) (PBT/Networth)		1.37	5.75	0.08

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		1.12	0.89	0.66

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.500	0.500	2.019
Reserves & Surplus	(4.335)	(1.661)	3.743
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	1.629	1.629	0.000
Net worth	(2.206)	0.468	5.762

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	28.938	71.133
		145.812

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	28.938	71.133
Profit	2.674	5.404
	9.24%	7.60%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

The Company is engaged in the business of 2D/3D CAD - CAM software’s and hardware’s which is being used by garments manufacturing companies throughout the world.

INDEX OF CAHREGS: NO INDEX OF CHARGES

FIXED ASSETS:

Air Conditioner
Camera
Computers
Fire Alarm
Furniture & Fixture
Mobile Phone
Office Equipments
Plant & Machinery
Software’s

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.66.79
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10

INFORMATION DETAILS

Information Gathered by :	SPY

Analysis Done by :	KSP

Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.

MIRA INFORM REPORT

Unit