MIRA INFORM REPORT

Report Date :

01.06.2011

IDENTIFICATION DETAILS

Name :	INNOCENCE CLOTHING LIMITED
Formerly Known As :	INFLUENCE MANUFACTURING LIMITED.
Registered Office :	Innocence House, 103 Wantz Road, Dagenham, Essex, RM10 8PS.
Country :	United Kingdom
Financials (as on) :	31.03.2010
Date of Incorporation :	21.03.2001
Com. Reg. No.:	04184514
Legal Form :	Private Limited Company
Line of Business :	The wholesale of clothing to high street stores

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	GBP 20,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

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^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
United Kingdom	a1	a1

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

Bottom of Form

Company Identification Details

Subject Reported on	INNOCENCE CLOTHING LIMITED
Registration Number	04184514
VAT Number	GB777998235
Address	INNOCENCE HOUSE, 103 WANTZ ROAD, DAGENHAM, ESSEX, RM10 8PS.
Telephone	020 85930593
Email	info@innocenceclothing.com
Web Address	www.innocenceclothing.com

Creditline Recommendations

Monthly Credit Guide

GBP 20,000

Payment Behaviour

( No Payment Analysis Data is Available )

Official Company Data

Legal Form	Private Limited
Registration Number	04184514
VAT Number	GB777998235
Subject Status	Trading
Date of Incorporation	21/03/2001
Registered Office	INNOCENCE HOUSE, 103 WANTZ ROAD, DAGENHAM, ESSEX, RM10 8PS.
History	27/06/2006 : The Registered Office address changed from INNOCENCE HOUSE, 9J ELEY ROAD, ELEY ESTATE ED.
	3/03/2003 : The Registered Office address changed from 100 GREAT PORTLAND STREET, LONDON, W1W 6PB.
	21/11/2001 : The Registered Office address changed from 80 COTMANDENE CRESCENT, SAINT PAULS CRAY, ORP.
	5/09/2001 : Change of name from INFLUENCE MANUFACTURING LIMITED.
Date of Last Annual Return to Registry	01/06/2010
Accounts	The last filed accounts at Companies House are those to 31/03/2010
Accounting Reference Date	31/03

Operations

Activities	The wholesale of clothing to high street stores.
Nace Code	5142
Premises	Leased,Offices,Warehouse,Factory
Staff Employed	25
Import Countries	ALL OVER THE WORLD
Export Countries	ALL OVER THE WORLD
Bankers	ABBEY
Address	CANNON STREET, LONDON.
Auditors	Khan Thorntons
Branches	103 WANTZ ROAD, DAGENHAM, ESSEX, RM10 8PS.

Historical Rating

Date	Monthly Credit Guide
31/05/2011	20,000
28/02/2011	32,000
28/11/2010	10,500
28/08/2010	3,750
28/05/2010	10,500

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
0	0	2

Search History Details

The Search History Details shows details of the most recent 40 searches

Date	Description
09/08/2010	Miscellaneous
02/06/2010	Miscellaneous
04/03/2010	Miscellaneous

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	5
Number Outstanding	4
Number Partially Satisfied	0
Number Satisfied	1
Date of Latest Mortgage Created	19/07/2010
Date of Latest Satisfaction	10/06/2010

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	07/08/2010	19/07/2010	Rent Deposit Deed	MG01	Iris Robins, Ruth Gertrude Leatrice Charkin & David Joseph C
	30/08/2008	27/08/2008	Charge Over Bank Account	395	Habib Allied International Bank Plc
	09/05/2008	28/04/2008	Debenture	395	Habib Allied International Bank Plc
	24/05/2006	16/05/2006	Debenture	395	National Westminster Bank Plc
10/06/2010	28/05/2005	26/05/2005	Fixed And Floating Charge	395	The Royal Bank Of Scotland Commercial Services Limited

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Other Filings and Notices

Date

Source

Description

20/05/2011	Companies House Gazette	Any amendment to company's articles (including every resolution or agreement required to be embodied in or annexed to copies of the company's articles issued by
10/05/2011	Companies House Gazette	Any amendment to company's articles (including every resolution or agreement required to be embodied in or annexed to copies of the company's articles issued by
09/04/2011	Companies House Gazette	Notification of any change among the company's directors
20/03/2010	Companies House Gazette	Notification of any change among the company's directors
01/04/2009	Companies House Gazette	Alteration in memorandum or articles of association
12/01/2006	Companies House Gazette	Change among directors of a company
15/07/2004	Companies House Gazette	Change among directors of a company
11/12/2001	Companies House Gazette	Alteration in memorandum or articles of association
28/03/2001	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	SARA CHANCHAL KUMAR
Service Address	141 HAMLET GARDENS, LONDON, W6 0TR.
Country of Origin	UNITED KINGDOM
Date of Birth	24/03/1983
Appointment Date	19/11/2004

Directors

Director	MR RAMESH KUMAR
Service Address	50 WARWICK SQUARE, LONDON, SW1V 2AJ.
Country of Origin	UNITED KINGDOM
Date of Birth	10/09/1951
Appointment Date	07/07/2004
Other Directorships	INNOCENCE PROPERTIES LIMITED, INNOCENCE HOLDINGS LIMITED
Director	SARA CHANCHAL KUMAR
Service Address	141 HAMLET GARDENS, LONDON, W6 0TR.
Country of Origin	UNITED KINGDOM
Date of Birth	24/03/1983
Appointment Date	01/12/2005

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	5,000
Shares	D GBP 1.00
Issued Number	1
Shares	A GBP 1.00
Issued Number	1
Shares	B GBP 1.00
Issued Number	1
Shares	C GBP 1.00
Issued Number	1
Shares	E GBP 1.00
Issued Number	1
Principal Shareholder	2,550 Sara Chanchal Kumar
	1,950 Ramesh Kumar
	500 Trevor John Taylor
	1 Rannulf Bakshi
	1 Susan Kumar
	1 Sara Chanchal Kumar
	1 Trevor John Taylor
	1 Ramesh Kumar

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Ultimate Parent

INNOCENCE HOLDINGS LIMITED

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Currency	GBP	GBP	GBP	GBP
SALES		7064	6514	4362
Cost of goods sold		6106	5617	3774
GROSS PROFIT		958	897	588
Directors Emoluments		132	113	101
Auditors Fees		4
Non-Audit Fees		4
Trading Profit		41	76	(79)
Depreciation		36	11	10
OPERATING PROFIT		5	65	(89)
Non Trading Income		3	4
Interest Payable		15	13	12
PRE TAX PROFIT		(7)	56	(101)
Taxation		4	12	(21)
PROFIT AFTER TAX		(11)	44	(80)
RETAINED PROFITS		(11)	44	(80)

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	38	50	64	64
Tangible Assets	38	50	64	64
Fixed Assets		35	64	64
Intermediate assets		15
TOTAL CURRENT ASSETS	2366	2080	1797	1748
Trade debtors	1782	977	1035	1028
Stocks	497	514	487	383
Other Current Assets	87	589	275	337
Misc Current Assets		159	76	103
Due From Group		233	199	135
Cash	87	197		99
TOTAL ASSETS	2404	2130	1861	1812
TOTAL CURRENT LIABILITIES	2248	2046	1768	1763
Trade creditors	2248	1738	1067	1157
Short Term Loans		273	648	587
Bank Overdraft		270	645	585
Other Finance		3	3	2
Other Liabilities		35	53	19
WORKING CAPITAL	118	34	29	(15)
TOTAL LONG TERM LIABS	9	12	11	11
Long Term Loans		12	11	11
Other Finance		12	11	11
NET ASSETS/(LIABILITIES)	147	72	82	38
SHARE CAPITAL + RESERVES	147	72	82	38
Share Cap + Sundry Res	5	5	5	5
Issued Share Capital		5	5	5
Profit and Loss account	142	67	77	33
SHAREHOLDERS FUNDS	147	72	82	38
CAPITAL EMPLOYED	156	84	93	49

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Currency	GBP	GBP	GBP	GBP
Directors Remuneration		132	113	101
Auditors Remuneration		4
Liquid Assets	1869	1174	1035	1127
Net Working Capital	118	34	29	(15)
Long Term Debt(>12 Months)		12	11	11
Other Deferred Liabs	9
Tangible Net Worth(T.N.W)	147	72	82	38
Equity	147	72	82	38
Number of Years Trading	9	8	7	6

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Current Ratio	1.1	1	1	1
Long Term Debt/T.N.W		0.2	0.1	0.3
Pre Tax Profit Margin%		(0.1)	0.9	(2.3)
Gross Profit%		13.6	13.8	13.5
Debtors Days (D.S.O)		50	58	86
Creditors Days (D.P.O)		90	60	97
Quick Ratio	0.8	0.8	0.7	0.8
W.I.P/Inventory Days		30.7	31.6	37
Return on Investment%		2.2	9.3	(14)
Return on Assets%		(0.3)	3	(5.6)
T.N.W/Total Assets%	6.1	3.4	4.4	2.1
Return on Capital%		(8.3)	60.2	(206.1)
Rtn on Shareholders Funds%		(9.7)	68.3	(265.8)
Working Capital/Sales%		0.5	0.4	(0.3)
Borrowing Ratio%		395.8	803.7	1573.7
Equity Gearing%	6.5	3.5	4.6	2.1
Stock Turnover		13.7	13.4	11.4
Days Purchases Outstanding		103.9	69.3	111.9
Sales/Fixed Assets		201.8	101.8	68.2
Debt Gearing		16.7	13.4	28.9

Key Industry Sector Trends

Year	2011	2010	2009	2008
Sample Size	100	7470	11362	11554
Pre-Tax Profit Margin	2.7	2.7	1.5	1.5
Current Ratio	1.9	1.7	1.7	1.6
Borrowing Ratio	28.4	46.2	54.5	58.3
Return on Capital	24.1	24.1	23	27.3
Creditors Days	21	69	84	81

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Wholesale of household goods

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/03/2010.

No Turnover

The company's balance sheet total is less than GBP 5,600,000 and is a medium sized company as defined by the Companies Act. It is not required to disclose turnover but it is likely to be in the range of GBP 2,800,000 - GBP 11,200,000.

Working Capital

The company's working capital has increased by 247 % in the period.

Net Worth

Net worth has increased by 104 % and now stands at GBP 147,000.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 12,000 to GBP 38,000 and are now 1 % of total assets compared with 2 % in the previous year.

Long Term Liabilities

The company's long term liabilities reduced during the period by 25 % and are now 6 % of net worth compared with 17 % in the previous period.

Long Term Liabilities

Long term liabilities are 6 % of capital employed, a decrease of 8 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.03
UK Pound	1	Rs.74.43
Euro	1	Rs.64.75

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	----

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%)

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.