1. Summary Information

		Country	India
Company Name	COTTON NATURALS (INDIA) PRIVATE LIMITED	Principal Name 1	Mr. Varun Sharma
		Principal Name 2	Mr. Tokie Sharma
Our Reference #	176919	Registration #	55-89938
Street Address	E-28, Connaught Place, New Delhi-110001, India
Established Date	30.09.1997	SIC Code	--
Telephone#	91-11-23326011	Business Style 1	Manufacturers
Fax #	91-11-23325720/2568314	Business Style 2	Exporters
Homepage	http://www.cottonnaturals.com	Product Name 1	Readymade Garments
# of employees	Not Available	Product Name 2	Breeches
Paid up capital	Rs.19,999,000/-	Product Name 3	Shirts
Shareholders	Directors or relatives of the Directors 100%	Banking	Citi Bank
Public Limited Corp.	No	Business Period	14 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (49)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	135,596,000	Current Liabilities	34,739,000
Inventories	47,878,000	Long-term Liabilities	525,000
Fixed Assets	98,051,000	Other Liabilities	5,277,000
Deferred Assets	000	Total Liabilities	40,541,000
Invest& other Assets	77,561,000	Retained Earnings	398,546,000
		Net Worth	318,545,000
Total Assets	359,086,000	Total Liab. & Equity	359,086,000
Total Assets (Previous Year)	312,584,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales/ Total Income	179,100,000	Net Profit	36,400,000
Sales/ Total Income (Previous yr)	101,200,000	Net Profit(Prev.yr)	12,300,000

MIRA INFORM REPORT

Report Date :

18.04.2012

IDENTIFICATION DETAILS

Name :	COTTON NATURALS (INDIA) PRIVATE LIMITED
Registered Office :	E-28, Connaught Place, New Delhi-110001
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.09.1997
Com. Reg. No.:	55-89938
Capital Investment / Paid-up Capital :	Rs.19.999 Millions
CIN No.: [Company Identification No.]	U18101DL1997PTC089938
TAN No.: [Tax Deduction & Collection Account No.]	DELC04552C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporters of Readymade Garments.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered / Head Office :	E-28, Connaught Place, New Delhi-110001, India
Tel. No.:	91-11-23326011/23350026/23416011
Fax No.:	91-11-23325720/2568314
E-Mail :	sales@jpc-India.com sharmav@giasdl01.vsnl.net.in sharmav@jpc-india.com
Website :	http://www.jpc-india.com http://www.cottonnaturals.com
Location :	Owned
Corporate Office :	C-100, Sector 2, Noida-201 301, Uttar Pradesh, India
Tel. No.:	91-120-2530172/2553794/2332601/4316904/05
Fax No.:	91-120-2555180/23325720
Factory :	A-28, A-31, Sector 59, Noida-201301, Uttar Pradesh, India
Area :	5000 sq. fts.
Location :	Rented [Commercial]

DIRECTORS

As on 25.07.2011

Name :

Mr. Varun Sharma

Designation :

Director

Address :

A-39, Vasant Marg, Vasant Vihar, New Delhi 110057, India

Date of Birth/Age :

17.08.1960

Date of Appointment :

26.07.1999

Din No.:

00587194

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1975PTC007687	CONNAUGHT SERVICES PRIVATE LIMITED	Director	20-03-79	20-03-79	-	Active	YES
2	U74899DL1988PTC034439	CANNAUGHT LEASING PRIVATE LIMITED	Director	27-05-94	27-05-94	-	Active	NO
3	U74899DL1995PTC066361	J V M ENGINEERS AND TECHNOLOGISTS PRIVATE LIMITED	Director	28-09-98	28-09-98	-	Active	NO
4	U18101DL1998PTC091765	NKR SYNTEX PRIVATE LIMITED	Director	14-01-99	14-01-99	-	Active	NO
5	U18109DL1999PTC099062	JAIPUR POLO COMPANY PRIVATE LIMITED	Director	13-03-99	13-03-99	-	Active	NO
6	U18101DL1997PTC089938	COTTON NATURALS (INDIA) PRIVATE LIMITED	Director	26-07-99	26-07-99	-	Active	NO
7	U72900DL1999PTC101445	JPC INTERNET SOLUTIONS (PRIVATE) LIMITED	Director	07-09-99	07-09-99	-	Active	NO
8	U01122DL2002PTC116800	MERIT FARMS PRIVATE LIMITED	Director	02-12-02	02-12-02	19-05-11	Active	NO
9	U70101DL2003PTC119922	JPC FARMS PRIVATE LIMITED	Director	17-04-03	17-04-03	19-05-11	Active	NO
10	U74899DL1983PTC016737	FLORA ENGINEERS PRIVATE LIMITED	Director	27-03-04	27-03-04	-	Active	NO
11	U74899DL2004PTC127942	C R FARMS PRIVATE LIMITED	Director	15-04-05	15-04-05	19-05-11	Active	NO
12	U15331DL2008PTC177904	HIMALAYAN HORSE CARE PRODUCTS PRIVATE LIMITED	Director	09-05-08	09-05-08	19-05-11	Active	NO
13	U18104DL2010PTC203641	PEGASUS EQUESTRIAN PRIVATE LIMITED	Director	04-06-10	04-06-10	-	Active	NO
14	U85100DL2010NPL206164	SALVATION TREE FOUNDATION	Director	22-07-10	22-07-10	-	Active	NO

Name :

Mr. Mukund Raghav Sharma

Designation :

Director

Address :

A 39, Vasant Marg, Vasant Vihar, New Delhi-110057, India

Date of Birth/Age :

24.09.1992

Date of Appointment :

24.09.2010

Din No.:

03268506

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U70101DL2003PTC119922	JPC FARMS PRIVATE LIMITED	Director	24-09-10	24-09-10	Active	NO
2	U74899DL1983PTC016737	FLORA ENGINEERS PRIVATE LIMITED	Additional director	24-09-10	24-09-10	Active	NO
3	U74899DL2004PTC127942	C R FARMS PRIVATE LIMITED	Additional director	24-09-10	24-09-10	Active	NO
4	U18101DL1997PTC089938	COTTON NATURALS (INDIA) PRIVATE LIMITED	Additional director	24-09-10	24-09-10	Active	NO
5	U18101DL1998PTC091765	NKR SYNTEX PRIVATE LIMITED	Additional director	24-09-10	24-09-10	Active	NO
6	U74899DL1995PTC066361	J V M ENGINEERS AND TECHNOLOGISTS PRIVATE LIMITED	Additional director	24-09-10	24-09-10	Active	NO
7	U01122DL2002PTC116800	MERIT FARMS PRIVATE LIMITED	Additional director	24-09-10	24-09-10	Active	NO
8	U72900DL1999PTC101445	JPC INTERNET SOLUTIONS (PRIVATE) LIMITED	Additional director	24-09-10	24-09-10	Active	NO
9	U18109DL1999PTC099062	JAIPUR POLO COMPANY PRIVATE LIMITED	Additional director	24-09-10	24-09-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.07.2011

Names of Shareholders	No. of Shares
Varun Sharma	999955
Tokie Sharma	999955
Total	1999910

As on 25.07.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Readymade Garments.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Citi Bank
• ICICI Bank Limited

Facilities :

Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Directors
Tokie Sharma	0.253	0.253
Varun Sharma	0.272	0.272
Total	0.525	0.525

Banking Relations :	--
Auditors :
Name :	Dharam Raj and Company Chartered Accountants
Address :	R-24/10, 1^st Floor, Rita Block, Vikas Marg, Shakarpur, New Delhi – 110092, India
Tel. No.:	91-11-22469410/55374331/22014726
Mobile No.:	91-9811327272
Fax No.:	91-11-22525118/22014728
Pan No.:	AAAFD5330N

CAPITAL STRUCTURE

As on 25.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1999910	Equity Shares	Rs.10/- each	Rs.19.999 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		19.999	19.900	19.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		298.546	262.157	249.801
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		318.545	282.057	269.701
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.525	0.525	19.925
TOTAL BORROWING		0.525	0.525	19.925
DEFERRED TAX LIABILITIES		0.750	0.959	1.103
TOTAL		319.820	283.541	290.729
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		98.051	101.388	103.095
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		77.561	28.375	28.375
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.878	10.055	8.746
	Sundry Debtors	104.001	92.248	83.352
	Cash & Bank Balances	7.111	6.069	8.814
	Other Current Assets	1.237	8.181	6.526
	Loans & Advances	23.247	66.268	82.504
Total Current Assets		183.474	182.821	189.942
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	(79.118)	19.222	17.042
	Other Current Liabilities	113.857	5.763	7.204
	Provisions	4.527	4.058	6.437
Total Current Liabilities		39.266	29.043	30.683
Net Current Assets		144.208	153.778	159.259
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		319.820	283.541	290.729

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	179.100	101.200	226.700
Less	EXPENSES
		Office Expenses
		Administrative Expenses	142.400	87.800	171.900
		Advertising Expenses
		TOTAL	142.400	87.800	171.900
	PROFIT / (LOSS) BEFORE TAX		36.700	13.400	54.800
Less	TAX		0.300	1.100	0.900
	PROFIT / (LOSS) AFTER TAX		36.400	12.300	53.900
Add/ Less	PROVISION OF DEFERRED TAX ADDED BACK		(0.200)	(0.100)	(0.100)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		262.200	249.800	195.800
	BALANCE CARRIED TO THE B/S		298.500	262.200	249.800
	EARNINGS IN FOREIGN CURRENCY
		Exports Sales	176.100	90.450	NA
		Interest Income	0.400	2.000	NA
	TOTAL EARNINGS		176.500	92.450	NA
	IMPORTS
		Raw Materials	1.785	2.400	NA
	Earnings / (Loss) Per Share (Rs.)		18.20	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	20.32	12.15	23.77
Return on Total Assets (PBT/Total Assets}	(%)	13.04	4.71	18.70
Return on Investment (ROI) (PBT/Networth)		0.12	0.05	0.20
Debt Equity Ratio (Total Liability/Networth)		0.12	0.10	0.19
Current Ratio (Current Asset/Current Liability)		4.67	6.29	6.19

LOCAL AGENCY FURTHER INFORMATION

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	No
9) Name of person contacted	No
10) Designation of contact person	No
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	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
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

FIXED ASSETS

• Land
• Transit House / Corporate Office
• Plant and Machinery
• Vehicles
• Computer
• Office Equipments
• Factory Building
• Furniture and Fixture
• Fan and Collar
• Fire Extinguishers
• Electrical Fitting

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.51.63
UK Pound	1	Rs.81.94
Euro	1	Rs.67.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.