MIRA INFORM REPORT

Report No. :	297341
Report Date :	22.01.2015

IDENTIFICATION DETAILS

Name :	RIGIA EXPORTS PRIVATE LIMITED
Registered Office :	C-56/B, 2^nd Floor Inderpuri, New Delhi – 110012, Delhi
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.05.1987
Com. Reg. No.:	55-027969
Capital Investment / Paid-up Capital :	Rs. 0.233 Million
CIN No.: [Company Identification No.]	U74899DL1987PTC027969
IEC No.;	588012912
TAN No.: [Tax Deduction & Collection Account No.]	DELRO8927C
PAN No.: [Permanent Account No.]	AAACR0049P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Exporter of garments, Fabric and Handicraft Items.
No. of Employees :	[(Office=6) Factory=15)(Branch=6) 27 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 20000
Status :	Small Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited There seems some dip in the turnover and profit of the company during FY 2014 Further, the rating takes into consideration company’s modest net worth and small scale of operations. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Manish Jain
Designation :	Director
Contact No.:	91-9811019640
Date :	14.01.2015

LOCATIONS

Registered Office :	C-56/B, 2^nd Floor Inderpuri, New Delhi – 110012, Delhi, India
Tel. No.:	91-11-25833379/25835202
Mobile No.:	91-9811019640 (Mr. Manish Jain)
Fax No.:	91-11-25752165/25833665
E-Mail :	rigia@vsnl.com manish_mj@yahoo.com
Location :	Owned
Branch Office :	WZ-114E, Ground Floor, Hari Singh Complex, Todapur Vllage, New Delhi – 110012, India
Tel. No.:	91-11-25835202
Fax No.:	91-11.25833665
Location :	Rented
Factory :	F – 218, RIICO Industrial Area Bagru Extension, Bagru, Jaipur, Rajasthan, India
Location :	Owned

DIRECTORS

As on: 30.09.2014

Name :

Mr. Manish Jain

Designation :

Director

Address :

C-56/B, 2^nd Floor Inderpuri, New Delhi – 110012, Delhi, India

Date of Birth/Age :

06.11.1972

Qualification :

Graduate

Experience :

20 Years

Date of Appointment :

03.01.1994

DIN No.:

00256049

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1987PTC027969	RIGIA EXPORTS PRIVATE LIMITED	Director	03-01-1994	03-01-1994	-	Active	NO
2	U74899DL1994PTC062367	JOOR EXPORTS PRIVATE LIMITED	Director	25-10-1994	25-10-1994	-	Active	NO

Name :

Mr. Malti Jain

Designation :

Director

Address :

C-56/B, 2^nd Floor Inderpuri, New Delhi – 110012, Delhi, India

Date of Birth/Age :

29.08.1940

Qualification :

Graduate

Experience :

27 Years

Date of Appointment :

14.05.1987

DIN No.:

00256075

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1987PTC027969	RIGIA EXPORTS PRIVATE LIMITED	Director	14-05-1987	14-05-1987	-	Active	NO
2	U74899DL1994PTC062367	JOOR EXPORTS PRIVATE LIMITED	Director	28-09-2013	15-04-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bhavok Dev
Designation :	Production Manager
Contact: :	91-9810630926

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders		No. of Shares
Multi Jain	10900	46.78
Manish Jain	6200	26.61
Shruti Jain	6200	26.61
Total	23300	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Exporter of garments, Fabric and Handicraft Items.
Products :	Garments Fabric Handicraft Items.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Garments, Fabric and Handicraft Items.
Countries :	Japan
Imports :	Not Divulged
Terms :
Selling :	L/C, cash and Others
Purchasing :	-

PRODUCTION STATUS

Particulars	Actual Production
Ladies Readymade casual Garments	15000 Pieces
Handloom and Power loom Fabrics	10000 Pieces

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers, Retailers and OEM’s

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 :

[(Office=6) Factory=15)(Branch=6) 27 (Approximately)

Bankers :

Bank Name	Canara Bank
Branch	J – 6, Community Center, Rajouri Garden, New Delhi - 110027, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
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)	Rs. 2.500 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loan from Canara Bank	1.364	1.981
Canara Bank Car Loan	0.525	0.750
Total	1.889	2.731

Auditors :

Name :

Niraj Jain and Associates

Chartered Accountants

Address :

5A/2, Ansari Road, Daryaganj, Delhi – 110002, India

Tel. No.:

91-11-23283727/23276323

E-Mail :

ndandco@rediffmail.com

PAN N Income-tax PAN of auditor or auditor's firm :

AAIFN3001C

Memberships :

Not Available

Collaborators :

Not Available

Associates/Subsidiaries :

Not Available

Sister Concern:

Name	Joor Exports Private Limited
Address	C-56 B, Second Floor, Inderpuri, New Delhi – 110012, India
LOB	Textiles

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23300	Equity Shares	Rs.10/- each	Rs. 0.233 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

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	0.233	0.233	0.233
(b) Reserves & Surplus	6.949	8.867	6.905
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7.182	9.100	7.138
(3) Non-Current Liabilities
(a) long-term borrowings	4.119	5.261	4.831
(b) Deferred tax liabilities (Net)	0.063	0.108	0.025
(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)	4.182	5.369	4.856
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1.212	4.585	4.142
(c) Other current liabilities	0.372	0.766	1.092
(d) Short-term provisions	0.032	0.240	0.000
Total Current Liabilities (4)	1.616	5.591	5.234
TOTAL	12.980	20.060	17.228
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.488	5.996	1.596
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	3.904
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.204	1.805	2.186
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6.692	7.801	7.686
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.472	5.660	4.150
(c) Trade receivables	0.000	4.772	3.799
(d) Cash and cash equivalents	0.819	1.053	1.134
(e) Short-term loans and advances	0.223	0.009	0.009
(f) Other current assets	0.774	0.765	0.450
Total Current Assets	6.288	12.259	9.542
TOTAL	12.980	20.060	17.228

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	13.093	18.338
		Other Income	0.856	1.178
		TOTAL (A)	13.949	19.516	8.830
Less	EXPENSES
		Cost of Materials Consumed	3.616	5.924
		Purchases of Stock-in-Trade	2.637	7.010
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.188	(1.509)
		Employees benefits expense	2.920	2.978
		Other expenses	2.696	2.357	(Including depreciation )
		TOTAL (B)	13.057	16.760
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.892	2.756	10.197
Less	FINANCIAL EXPENSES (D)		0.067	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.825	2.756	(1.367)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.658	0.470	0.089
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.167	2.286	(1.456)
Less	TAX (H)		(0.013)	0.324	(0.009)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.180	1.962	(1.447)
	EARNINGS IN FOREIGN CURRENCY		11.801	18.483	7.751
	Earnings Per Share (Rs.)		7.72	84.20	(62.10)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.37	10.70	NA
Operating Profit Margin (PBIDT/Sales)	(%)	6.81	15.03	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.29	11.40	(10.93)
Return on Investment (ROI) (PBT/Networth)		0.02	0.25	(0.20)
Debt Equity Ratio (Total Debt /Networth)		0.57	0.58	0.68
Current Ratio (Current Asset/Current Liability)		3.89	2.19	1.82

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.233	0.233	0.233
Reserves & Surplus	6.905	8.867	6.949
Net worth	7.138	9.100	7.182
long-term borrowings	4.831	5.261	4.119
Short term borrowings	0.000	0.000	0.000
Total borrowings	4.831	5.261	4.119
Debt/Equity ratio	0.677	0.578	0.574

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	8.830	19.516	13.949
		121.019	(28.525)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	8.830	19.516	13.949
Profit	(1.447)	1.962	0.180
	(16.39%)	10.05%	1.29%

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

TRADE REFERENCE:

Name	Grape Company Limited
Address	Yokohama, Japan
Name	Jurgen LEHL Company
Address	Tokyo, Japan

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loan from related parties	2.230	2.530
Total	2.230	2.530

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10418049	25/03/2013	750,000.00	CANARA BANK	RETAIL ASSET HUB II, RAJOURI GARDEN, NEW DELHI, DELHI - 110027, INDIA	B72675556
2	90059634	27/06/2013 *	2,500,000.00	CANARA BANK	RAJOURI GARDEN, NEW DELHI, DELHI - 110027, INDIA	B78903572

* Date of charge modification

FIXED ASSETS:

• Land
• Building
• Air Conditioner
• Fax Machine
• Fire Equipment
• Generator
• Invertor
• Mobile
• Office Equipment
• Printer
• Typewriter
• Furniture and Fixture
• Electricity and Fittings
• Cycle
• Vehicle
• Computer

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.61.61
UK Pound	1	Rs.93.49
Euro	1	Rs.71.38

INFORMATION DETAILS

Information Gathered by :	SNJ
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
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	YES
--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.