MIRA INFORM REPORT

Report No. :	349637.2
Report Date :	19.11.2015

IDENTIFICATION DETAILS

Name :	CALZINI FASHIONS LIMITED
Registered Office :	D-9/3,Okhla Industrial Area, Phase-II, New Delhi-110020
Tel. No.:	91-120-4898305
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	14.06.2007
Com. Reg. No.:	55-164774
Capital Investment / Paid-up Capital :	Rs. 22.575 Million
CIN No.: [Company Identification No.]	U74994DL2007PLC164774
IEC No.:	0507066197
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCC0924F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Socks.
No. of Employees :	100 (Approximately) (Office-30 and Factory-70)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 109300
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track in the manufacturing of socks. The rating takes into consideration above average financial risk profile of the company marked by slightly high and increasing external borrowings in the year 2015 and its improving capital base. Further management has decrease in its revenue base along with thin profit margin. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with 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, 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Aayush Goenka
Designation :	Director
Contact No.:	91-9811515689
Date :	10.11.2015

LOCATIONS

Registered Office :	D-9/3,Okhla Industrial Area, Phase-II, New Delhi-110020, India
Tel. No.:	91-120-4898304/ 5
Mobile No.:	91-9811515689 (Mr. Aayush Goenka)
Fax No.:	Not Available
E-Mail :	aayush@indiasocks.com
Website :	www.indiasocks.com www.organicsocks.co.in
Area :	5000 Appx Sq. Ft
Location :	Owned
Factory :	A -79, Sector -63, Opposite Fujjmoto Company, Noida, Uttar Pradesh, India
Tel. No.:	91-120-4898304/ 5
Area :	20000 Appx Sq. Ft
Location :	Rented

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Hari Shankar Goenka
Designation :	Director
Address :	A-41/5, Dlf City, Phase-I,, Gurgaon-122002, Haryana, India
Date of Birth/Age :	19.09.1950
Qualification :	B Com (Hons)
Experience :	44 Years
Date of Appointment :	24.11.2010
DIN No.:	00026279
Name :	Mr. Aayush Goenka
Designation :	Director
Address :	A-41/5, Dlf City, Gurgaon-122002, Haryana, India
Date of Birth/Age :	25.11.1970
Qualification :	B Com (Hons)
Experience :	24 Years
Date of Appointment :	14.06.2007
DIN No.:	01240928
Name :	Mr. Uma Shankar Goenka
Designation :	Director
Address :	A 41/5, Dlf City Phase - I, Gurgaon-122002, Haryana, India
Date of Birth/Age :	20.03.1948
Qualification :	B Com (Hons)
Experience :	46 Years
Date of Appointment :	14.06.2007
DIN No.:	02058132

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Uma Shankar Goenka	336500
Aayush Goenka	770400
Neeral Goenka	12500
Radhey Shyam Goenka	12500
Hari shanker Goenka	30500
Ansumang Goenka	12500
Renuka Goenka	30000
Abhilasha Goenka	56100
Vikas Rajgadia	150000
Priti Goenka	14000
Mangla Goenka	20000
Total	1445000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	87.90
Other top fifty shareholders	12.10
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Socks.
Brand Names :	Socks-Arrow, Calzini, Hush Puppies
Agencies Held :	--
Exports :
Products :	Socks
Countries :	· UAE · Sri Lanka · Bangladesh
Trade Reference :	· Metro Cash and Carry · Arvind Lifestyle Brands · Reliance Retail · Bata
Imports :
Products :	Machines, Spares
Countries :	China
Terms :
Selling :	Others (60 days, 90 days and 120 days)
Purchasing :	L/C (60 days, 90 days and 120 days)

PRODUCTION STATUS:

Particulars	Installed Capacity	Actual Production
Socks	7 Million Pairs Approx	7 Million Pairs Approx

GENERAL INFORMATION

Suppliers :

Reference:

Cutex India

Name of the Person (Designation):

Mr. Mayank Jian (Accounts Department)

Contact Number:

91-9810055480

Since how long known:

06 Years

Maximum limit dealt:

Rs. 3.500 Million Monthly

Experience:

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark

As claimed by Mr. Mayank Jain that the subject is very well known co in market payment behaviour is also good.

Customers :

Wholesalers, Retailers and End Users (E-Commerce)

Reference:

Metro Cash and Carry

Name of the Person (Designation):

Mr. Ashish Bhasin (Manager)

Contact Number:

91-9731857400

Since how long known:

05 Years

Maximum limit dealt:

Rs. 30.000 Million Yearly

Experience:

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark

As claimed by Mr. Ashish Bhasin (Manager) that product quality is very good. Very much satisfied with subject company.

No. of Employees :

100 (Approximately) (Office-30 and Factory-70)

Bankers :

Bank Name:	IDBI Bank Limited
Branch:	1/6, Siri Fort Institutional Area, Khel Gaon Marg, New Delhi, Delhi - 110049, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-11-26499681 (Continuously Ringing)
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit=Rs. 65.000 Million+Rs. 15.000 Million
Account Operation:	Not Divulged
Remarks:	Not Divulged

· ICICI Bank Limited

· State Bank of Travancore

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
ICICI Bank (Car Loan)	0.000	0.013
Reliance Consumer Finance (Car Loan)	0.234	0.354
SIDBI (Loan)	4.112	0.000
SHORT TERM BORROWINGS
State Bank of Travancore (Secured by Hypothecation of Stocks, Trade Receivables and personal guarantee of directors, Collateral Security by Yash Globals Limited)	46.299	48.201
SLC (Loan)	5.000	0.000
Total	55.645	48.568

Banking Relations :	--
Auditors :
Name :	Manoj C Agarwal and Company Chartered Accountants
Address :	R-32-33, Nand Gram, Ghaziabad-201003, Uttar Pradesh, India
Tel. No.:	91-120-2870778
Mobile No.:	91-9810762332/ 9310062332
E-Mail :	manojcagarwal@gmail.com
Income-tax PAN of auditor or auditor's firm :	AFBPA6097H
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Woolspuns Limited Address: D-9/3, Okhla Industrial Area, Phase 1, New Delhi-110020, India Line of Business: Ready Made Garments Manufacturing and Export

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 22.575 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs. 10/- each	Rs. 25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,445,000	Equity Shares	Rs. 10/- each	Rs. 14.450 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	22.575	14.450	12.500
(b) Reserves & Surplus	13.260	11.294	8.609
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	2.425	10.550	0.000
Total Shareholders’ Funds (1) + (2)	38.260	36.294	21.109
(3) Non-Current Liabilities
(a) Long-term borrowings	39.289	16.875	28.954
(b) Deferred tax liabilities (Net)	1.643	1.601	1.098
(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)	40.932	18.476	30.052
(4) Current Liabilities
(a) Short term borrowings	59.512	51.299	48.201
(b) Trade payables	10.530	14.277	8.816
(c) Other current liabilities	10.851	13.868	22.388
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	80.893	79.444	79.405
TOTAL	160.085	134.214	130.566
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.899	22.873	16.924
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.000	0.000	2.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	21.899	22.873	18.934
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	64.451	51.879	45.598
(c) Trade receivables	47.123	50.773	57.703
(d) Cash and cash equivalents	7.676	5.949	4.642
(e) Short-term loans and advances	18.878	2.690	3.648
(f) Other current assets	0.058	0.050	0.041
Total Current Assets	138.186	111.341	111.632
TOTAL	160.085	134.214	130.566

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	263.321	270.563	238.308
		Other Income	0.455	0.517	0.412
		TOTAL (A)	263.776	271.080	238.720
Less	EXPENSES
		Cost of Materials Consumed	84.330	124.494	75.119
		Purchases of Stock-in-Trade	86.844	50.542	91.977
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(12.375)	(6.387)	(12.652)
		Employees benefits expense	7.578	5.905	7.677
		Other expenses	78.967	80.949	61.966
		TOTAL (B)	245.344	255.503	224.087
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.432	15.577	14.633
Less	FINANCIAL EXPENSES (D)		12.764	10.103	9.834
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.668	5.474	4.799
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.699	1.405	1.003
	PROFIT BEFORE TAX (E-F) (G)		2.969	4.069	3.796
Less	TAX (H)		1.003	1.384	1.289
	PROFIT AFTER TAX (G-H) (I)		1.966	2.685	2.507
	Earnings Per Share (Rs.)		0.87	1.86	2.01

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.75	0.99	1.05
Operating Profit Margin (PBDIT/Sales)	(%)	7.00	5.76	6.14
Return on Total Assets (PBT/Total Assets}	(%)	1.85	3.03	2.95
Return on Investment (ROI) (PBT/Networth)		0.08	0.11	0.18
Debt Equity Ratio (Total Debt/Networth)		2.58	1.88	3.66
Current Ratio (Current Asset/Current Liability)		1.71	1.40	1.41

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	12.500	14.450	22.575
Reserves & Surplus	8.609	11.294	13.260
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	10.550	2.425
Net worth	21.109	36.294	38.260
Long-term borrowings	28.954	16.875	39.289
Short term borrowings	48.201	51.299	59.512
Total borrowings	77.155	68.174	98.801

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	238.308	270.563	263.321
		13.535	(2.677)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	238.308	270.563	263.321
Profit	2.507	2.685	1.966
	1.05%	0.99%	0.75%

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	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10568686	26/03/2015	80,000,000.00	IDBI BANK LIMITED	1/6, SIRI FORT INSTITUTIONAL AREA, KHEL GAON MARG , NEW DELHI, DELHI - 110049, INDIA	C53287348
2	10408409	12/02/2013	5,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	BLOCK E, G.F NSIC ADMIN.BUILDING, NSIC - NTSC COM PLEX GATE NO. 3 O.I.A. PH-III, NEW DELHI, DELHI - 110020, INDIA	B69754620

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Aayush Goenka	0.020	0.724
Abhilasha Goenka	0.000	0.275
Anshuman Goenka	0.000	0.025
Hari Shankar Goenka	0.000	0.206
Mangla Goenka	0.000	0.200
Uma Shankar Goenka	0.000	0.050
Renuka Goenka	0.000	0.150
Neeraj Goenka	0.020	0.020
Poonam Goenka	0.170	0.170
Kalindi Bright Steels and Tubes Limited	0.000	0.150
Singhania Fabrics	0.000	16.000
BR Knitwears Private Limited	2.500	0.000
Bajaj Finserv Lending	0.869	1.523
Deutshe Bank	2.051	3.686
Barclays Bank PLC	0.369	1.688
Dhan Laxmi Bank	0.124	0.552
HDFC Bank Limited	0.207	0.954
Magama Fincorp Limited	2.324	0.724
Standard Chartered Bank	3.653	0.000
Tata Capital Financial services Limited	0.063	0.765
Tata Capital Limited	0.159	0.725
Total	12.529	28.587

FIXED ASSETS:

Tangible Assets

· Air Conditioners

· Computers and Printers

· Furniture and Fixtures

· Power Factor Equipments

· Plant and Machinery

· Telephones and Mobiles

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 records 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. 66.11
UK Pound	1	Rs. 100.51
Euro	1	Rs. 70.39

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KIN
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.