MIRA INFORM REPORT

Report Date :

01.07.2011

IDENTIFICATION DETAILS

Name :	NAUTICA CLOTHING (INDIA) PRIVATE LIMITED
Registered Office :	1008, Ijmima Limitation Jewellery Market Co-Op. Society, Ijmima Complex, Raheja Metroplex Link Road, Malad (West), Mumbai – 400 064, Maharashtra
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	17.12.2004
Com. Reg. No.:	11-150069
Capital Investment / Paid-up Capital :	Rs.2.105 millions
CIN No.: [Company Identification No.]	U17120MH2004PTC150069
TAN No.: [Tax Deduction & Collection Account No.]	MUMN12470D
PAN No.: [Permanent Account No.]	AACCN0650Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Selling of Bottoms for Mens.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a company having moderate track. The management has not filed the financials of the company with the government departments after 2008. In absence of latest financials, the current status and performance of the company are unknown. Initially, the company can be considered for business dealings on a safe and secured trade terms and conditions. Note : The address which you have provided belongs to Etco Spinners Private Limited. Therefore, the report is based on registration details available with Registrar of companies.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

LOCATIONS

Registered Office :	1008, Ijmima Limitation Jewellery Market Co-Op. Society, Ijmima Complex, Raheja Metroplex Link Road, Malad (West), Mumbai – 400 064, Maharashtra, India
E-Mail :	sewlani_clients@yahoo.co.in divyesh@aquadenims.com

DIRECTORS

As on 30.09.2009

Name :	Mr. Jatin Khetani
Designation :	Director
Address :	A-1/10, Gee bee Geejay Co-operative Housing Society, Saibaba Nagar, Borivali (West), Mumbai, Maharashtra, India
Date of Birth/Age :	08.05.1971
Date of Appointment :	17.12.2004
DIN No. :	01593375
Name :	Ms. Parul Shah
Designation :	Director
Address :	122, Megh Tower, Gen A K Vaidhya Marg, Goregaon (East), Mumbai, Maharashtra, India
Date of Birth/Age :	23.08.1965
Date of Appointment :	17.12.2004
DIN No. :	01593323
Name :	Mr. Tarachand Gangasahay Agrawal
Designation :	Director
Address :	4/7 Gururamdas Society, Near Amber Cinema, Bapunagar, Ahmedabad – 380 024, Gujarat, India
Date of Birth/Age :	28.05.1977
Date of Ceasing :	17.11.2010
DIN No. :	00465635

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2009

Names of Shareholders	No. of Shares
Ramesh Shah	3500
Parul Shah	103500
Jatin Khetani	103500
Total	210500

As on 30.09.2009

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

BUSINESS DETAILS

Line of Business :	Manufacturing and Selling of Bottoms for Mens.
Product Description :	Garments

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank

· The Saraswat Co-Operative Bank Limited

Urvashi, Opp. Ravindra Natya Mandir, Prabhadevi, Mumbai – 400 025, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2008 Rs. in millions	As on 31.03.2007 Rs. in millions
HDFC Bank – Vehicle Loan	0.223	0.297
Sarswat Co-Op Bank Limited – Cash Credit	8.896	0.000
Total	9.119	0.297

Unsecured Loans	As on 31.03.2008 Rs. in millions	As on 31.03.2007 Rs. in millions
Directors	0.308	0.432
Shareholders	0.075	0.075
Total	0.383	0.507

Banking Relations :	--
Auditors :
Name :	RCS and Associates Chartered Accountant
Address :	1307, Cosmos Tower, Sarovar Vihar Road, Sector – 11, CBD Belapur, Navi Mumbai – 400 614, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2008

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
210500	Equity Shares	Rs.10/- each	Rs.2.105 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		2.105	0.105	0.105
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.317	0.327	0.000
4] (Accumulated Losses)		0.000	0.000	(0.893)
NETWORTH		3.422	0.432	(0.788)
LOAN FUNDS
1] Secured Loans		9.119	0.297	0.365
2] Unsecured Loans		0.383	0.507	0.723
TOTAL BORROWING		9.502	0.804	1.088
DEFERRED TAX LIABILITIES		0.075	0.000	0.000
TOTAL		12.999	1.236	0.300
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.166	3.296	0.449
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.023	0.023	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.194	7.773	3.348
	Sundry Debtors	57.535	39.858	2.128
	Cash & Bank Balances	11.148	2.487	0.399
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.787	0.911	0.564
Total Current Assets		96.664	51.029	6.439
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	82.452	52.697	6.047
	Other Current Liabilities	1.719	0.167	0.511
	Provisions	0.701	0.268	0.054
Total Current Liabilities		84.872	53.132	6.612
Net Current Assets		11.792	(2.103)	(0.173)
MISCELLANEOUS EXPENSES		0.018	0.020	0.024
TOTAL		12.999	1.236	0.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2008	31.03.2007	31.03.2006
	SALES
		Sales and Other Receipts	142.132	119.655	12.461
		TOTAL (A)	142.132	119.655	12.461
Less	EXPENSES
		Office Expenses	138.703	117.456	13.302
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	138.703	117.456	13.302
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.429	2.199	(0.841)
Less	FINANCIAL EXPENSES (D)		1.727	0.213	0.548
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.702	1.986	(1.389)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.104	0.068	0.028
	PROFIT BEFORE TAX (E-F) (G)		1.598	1.918	(1.417)
Less	TAX (H)		0.608	0.698	(0.459)
	PROFIT AFTER TAX (G-H) (I)		0.990	1.220	(0.958)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.327	(0.893)	0.000
	BALANCE CARRIED TO THE B/S		1.317	0.327	(0.893)
	Earnings Per Share (Rs.)		13.44	116.24	--

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	0.70	1.02	(7.69)
Return on Total Assets (PBT/Total Assets}	(%)	1.63	3.53	(20.57)
Return on Investment (ROI) (PBT/Networth)		0.47	4.44	1.80
Debt Equity Ratio (Total Liability/Networth)		27.58	124.85	(9.77)
Current Ratio (Current Asset/Current Liability)		1.14	0.96	0.97

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.03.2008 Rs. in millions	As on 31.03.2007 Rs. in millions	As on 31.03.2006 Rs. in millions
For Goods	82.118	51.715	4.864
For Expenses	0.334	0.982	1.183
Total	82.452	52.697	6.047

Note

The Registered Office of the company has been shifted from Plot No : 17, Old Siddarth Nagar, S S Marg, Goregaon (West), Mumbai – 400 062, Maharashtra, India to the present address.

Bankers Charges Report as per Registry

Corporate identity number of the company	U17120MH2004PTC150069
Name of the company	NAUTICA CLOTHING (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No : 17, Old Siddarth Nagar, S S Marg, Goregaon (West), Mumbai – 400 062, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10071557
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	The Saraswat Co-Operative Bank Limited Urvashi, Opp. Ravindra Natya Mandir, Prabhadevi, Mumbai – 400 025, Maharashtra, India
Nature of instrument creating charge	Deed of Hypothecation for additional advances
Date of instrument Creating the charge	17.03.2008
Amount secured by the charge	Rs.9.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 14% p. a. Terms of Repayment On Demand Margin 30% Extent and Operation of the charge The charge will operate to the extent of Rs.9.000 millions on the security offered by the company Others Nil
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Borrowers doth / do hypothecate all tangible movable property of the borrower company
Particulars of the present modification	By present modification made on 17.03.2008 bank has sanctioned additional advances of Rs.5.000 millions thereby increasing charge from Rs.4.000 millions to 9.000 millions on the security offered by the company

FIXED ASSETS

· Motor Car

· Air Conditioners

· Computer and Printer

· Machinery

· Property

· Office Equipment

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.44.72
UK Pound	1	Rs.71.96
Euro	1	Rs.64.79

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.