MIRA INFORM REPORT

Report No. :	327893
Report Date :	17.06.2015

IDENTIFICATION DETAILS

Name :	RITZ FASHION PRIVATE LIMITED
Registered Office :	B-208, Okhla Phase-1, New Delhi – 110020
Tel. No.:	91-11-30881732
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.12.1996
Com. Reg. No.:	55-083553
Capital Investment / Paid-up Capital :	Rs.2.500 Million
CIN No.: [Company Identification No.]	U25199DL1996PTC083553
IEC No.:	0505032198
TAN No.: [Tax Deduction & Collection Account No.]	DELS12435D
PAN No.: [Permanent Account No.]	AABCS6631B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and exporters of exclusive Ladies Fashion Apparels and Accessories.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 13000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management of the company has failed to file its financials with the government department after FY 2012. As per the financials of year 2012, the general position of the subject seems to be fair. However, business is active as per the status in the registrar of companies. Payment terms are unknown. In the view of lack of latest financial information, the company can be considered for business dealing 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Nandkumar
Designation :	Accountant
Contact No.:	91-9643306755
Date :	17.06.2015

LOCATIONS

Registered Office :	B-208, Okhla Phase-1, New Delhi – 110020, India
Tel. No.:	Not Available
Mobile No.:	91-9643306755 (Mr. Nandkumar)
Fax No.:	Not Available
E-Mail :	anilarchitkhnna@yahoo.com
Website :	www.ritzfashion.com
Corporate Office :	S-34 Okhla Industrial Area, Phase-II, New Delhi – 110020, India
Tel. No.:	91-11-30881732-38
Fax No.:	91-11-26383000
E-Mail :	sales@ritzfashion.com
Factory :	B - 76, Sec - 80, Noida – 201301, Utter Pradesh, India

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Raman Oberoi

Designation :

Director

Address :

E-153, Westend Heights Appartments, DLF-V, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

17.07.1960

Date of Appointment :

03.10.1997

DIN No.:

01011436

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	U74899DL1994PTC061376	DEUXA FAB PRIVATE LIMITED	Managing director	08/09/1994	08/09/1994	-	Active	NO
2	U17111DL1996PTC080055	HYPFEN SYSTEMS PRIVATE LIMITED	Director	02/07/1996	02/07/1996	-	Active	NO
3	U25199DL1996PTC083553	RITZ FASHION PRIVATE LIMITED	Director	03/10/1997	03/10/1997	-	Active	NO
4	U18101DL2005PTC137245	LIFE STYLE CREATIONS PRIVATE LIMITED	Director	18/06/2005	18/06/2005	-	Active	NO
5	U36100DL2009PTC190285	GLOBAL EWIN WINDOOR PRIVATE LIMITED	Director	14/05/2009	14/05/2009	31/03/2011	Active	NO
6	U28994DL2010PTC210002	HYPFEN WINDOW CONCEPTS PRIVATE LIMITED	Director	29/10/2010	29/10/2010	-	Active	NO

Name :

Ms. Aanchal Oberoi

Designation :

Director

Address :

E-153, Westend Heights Appartments, DLF-V, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

18.08.1992

Date of Appointment :

20.07.2012

DIN No.:

05347233

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	U28994DL2010PTC210002	HYPFEN WINDOW CONCEPTS PRIVATE LIMITED	Director	20/07/2012	20/07/2012	Active	NO
2	U17111DL1996PTC080055	HYPFEN SYSTEMS PRIVATE LIMITED	Director	20/07/2012	20/07/2012	Active	NO
3	U25199DL1996PTC083553	RITZ FASHION PRIVATE LIMITED	Director	20/07/2012	20/07/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Nandkumar
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares	% of Holding
Raman Oberoi	38700	15.48
Nita Oberoi	211300	84.52
Total	250000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and exporters of exclusive Ladies Fashion Apparels and Accessories.
Products :	Ladies Fashion Apparels and Accessories
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

Information declined by the management

Bankers :

Banker Name :	Indian Overseas Bank
Branch :	B-266, Okhla Industrial Area Phase-I, New Delhi – 110020, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2012 Rs. In Million	31.03.2011 Rs. In Million
Long Term Borrowings
From bank	4.266	0.000
Short Term Borrowings
Bank C/C	2.512	0.000
Total	6.778	0.000

Auditors :
Name :	Anil Archit Khanna and Company Chartered Accountants
Address :	664, Aggrawal Chamber III, Vikas Marg, Shakarpur, Delhi – 110092, India
Tel. No.:	91-11-42444835
Fax No.:	91-11-22026811
PAN No.:	AAOPK9048E
Collaborators :	Not Divulged
Membership :	Not Divulged
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.500	2.500
(b) Reserves & Surplus	2.033	1.840
(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)	4.533	4.340
(3) Non-Current Liabilities
(a) long-term borrowings	4.266	0.000
(b) Deferred tax liabilities (Net)	0.126	0.000
(c) Other long term liabilities	20.406	12.833
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	24.798	12.833
(4) Current Liabilities
(a) Short term borrowings	2.512	0.000
(b) Trade payables	3.595	0.158
(c) Other current liabilities	0.050	0.593
(d) Short-term provisions	0.786	0.000
Total Current Liabilities (4)	6.943	0.751
TOTAL	36.274	17.924
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.401	13.197
(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)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	18.401	13.197
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	9.930	2.392
(c) Trade receivables	5.635	1.333
(d) Cash and cash equivalents	0.099	0.234
(e) Short-term loans and advances	0.904	0.000
(f) Other current assets	1.305	0.768
Total Current Assets	17.873	4.727
TOTAL	36.274	17.924

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.500
2] Share Application Money		0.000
3] Reserves & Surplus		3.195
4] (Accumulated Losses)		0.000
NETWORTH		5.695
LOAN FUNDS
1] Secured Loans		0.456
2] Unsecured Loans		17.707
TOTAL BORROWING		18.163
DEFERRED TAX LIABILITIES		0.000
TOTAL		23.858
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.533
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.280
	Sundry Debtors	10.005
	Cash & Bank Balances	2.316
	Other Current Assets	0.259
	Loans & Advances	0.484
Total Current Assets		14.344
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	3.483
	Provisions	0.536
Total Current Liabilities		4.019
Net Current Assets		10.325
MISCELLANEOUS EXPENSES		0.000
TOTAL		23.858

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1.679	0.313	14.200
		Other Income	4.498	0.740
		TOTAL (A)	6.177	1.053
Less	EXPENSES
		Cost of Materials Consumed	9.912	1.280
		Purchase of Stock-in-trade	(7.538)	0.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	0.718	0.000
		Employee Benefits Expenses	0.508	0.357
		Other Expenses	0.989	0.333
		TOTAL (B)	4.589	1.970	NA
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.588	(0.917)
Less	FINANCIAL EXPENSES (D)		0.926	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.662	(0.917)	2.224
Less	DEPRECIATION/ AMORTISATION (F)		0.470	0.437	0.819
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.192	(1.354)	1.405
Less	TAX (H)		0.000	0.000	0.133
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.192	(1.354)	1.272
	Earnings Per Share (Rs.)		0.77	--	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2012	31.03.2011	31.03.2010
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin PAT / Sales	(%)	11.44	(432.59)	8.96
Operating Profit Margin (PBDIT/Sales)	(%)	94.58	(292.97)	NA
Return on Total Assets (PBT/Total Assets)	(%)	0.53	(7.55)	5.04
Return on Investment (ROI) (PBT/Networth)		0.04	(0.31)	0.25
Debt Equity Ratio (Total Debt /Networth)		1.50	0.00	3.19
Current Ratio (Current Asset/Current Liability)		2.57	6.29	3.57

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	Rs. In Million	Rs. In Million
Share Capital	2.500	2.500
Reserves & Surplus	1.840	2.033
Net worth	4.340	4.533
long-term borrowings	0.000	4.266
Short term borrowings	0.000	2.512
Total borrowings	0.000	6.778
Debt/Equity ratio	0.000	1.495

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	14.200	0.313	1.679
		(97.796)	436.422

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	14.200	0.313	1.679
Profit	1.272	(1.354)	0.192
	8.96%	(432.59%)	11.44%

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)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
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 three 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	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10376802	09/08/2012	3,000,000.00	Indian Overseas Bank	B-226, Okhla Industrial Area, Phase-1, New Delhi, - 110020, India	B58226564
2	10290382	17/09/2014 *	10,019,000.00	Indian Overseas Bank	B-266, Okhla Industrial Area Phase-I, New Delhi, Delhi - 110020, India	C24485765
3	10245579	28/09/2010	7,500,000.00	Indian Overseas Bank	B-226, Okhla Industrial Area Phase-1, New Delhi, Delhi - 110020, India	A96700422

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· 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 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.64.15
UK Pound	1	Rs.100.04
Euro	1	Rs.72.27

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SAN
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.