MIRA INFORM REPORT

Report Date :

16.07.2012

IDENTIFICATION DETAILS

Name :	AND DESIGNS INDIA LIMITED
Formerly Known As :	AND DESIGNS INDIA PRIVATE LIMITED (w.e.f. 08.01.2001) MASQUE CLOTHING COMPANY PRIVATE LIMITED
Registered Office :	Plot No.88, Marol Co-operative Industrial Estate, M.V. Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.03.1995
Com. Reg. No.:	11-086449
Capital Investment / Paid-up Capital :	Rs.19.297 millions
CIN No.: [Company Identification No.]	U17116MH1995PLC086449
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21262D
PAN No.: [Permanent Account No.]	AADCA2325A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of the Designing Wears.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 810000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financially company is performing well. 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Santosh
Designation :	Accounts Manager
Contact No.:	91-22-40353333
Date :	14.07.2012

LOCATIONS

Registered Office/ Factory :	Plot No.88, Marol Co-operative Industrial Estate, M.V. Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-40353333/ 321
Fax No.:	91-22-40261631
E-Mail :	mukesh@andindia.com and@andindia.com geetam@andindia.com
Website :	http://www.andindia.com
Stores :	Located at: v Ahmedabad v Bangalore v Chennai v Delhi v Gurgaon v Hyderabad v Kolkata v Mumbai v Pune

DIRECTORS

As on 11.07.2011

Name :	Mr. Mukesh Kishanchand Sawlani
Designation :	Director
Address :	E/2, Emly Apartments, 15^th Road, Khar (West), Mumbai – 400 052, Maharashtra, India
Date of Birth/Age :	06.08.1970
Date of Appointment :	14.03.1995
DIN No.:	00980418
Name :	Mrs. Anita Pravin Dongre
Designation :	Director
Address :	204, Ocean View, Union Park, Khar (West), Mumbai – 400 052, Maharashtra, India
Date of Birth/Age :	03.10.1963
Date of Appointment :	14.03.1995
DIN No.:	00980491
Name :	Mrs. Meena Yadvinder Sehra
Designation :	Director
Address :	9, Bharat Mahal, 86, Marine Drive, Mumbai – 400 002, Maharashtra, India
Date of Birth/Age :	05.03.1966
Date of Appointment :	02.05.2003
DIN No.:	00136459
Name :	Ms. Ashni Kishore Biyani
Designation :	Director
Address :	304, Jeevan Vihar, Manab Mandir Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	25.12.1984
Date of Appointment :	31.08.2009
DIN No.:	00058775

KEY EXECUTIVES

Name :	Mr. Santosh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 11.07.2011

Names of Shareholders	No. of Shares
Mukesh K. Sawlani	811740
Anita Dongre	1001260
Deepak Sawlani	65000
Meena Sehra	953760
Hari K. Sawlani	55240
Sangeeta Rohira	90000
Future Ventures India Limited, India	882380
Total	3859380

As on 11.07.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	22.86
Directors or relatives of directors	77.14
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing of the Designing Wears.
Brand Names :	v “AND” v “GLOBAL DESI” v “ANITA DONGRE”
Exports :
Products :	Ladies Western Wear
Countries :	v Dubai v UK
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	2010-11 (In Pcs)
Production	690116

GENERAL INFORMATION

Customers :

Wholesalers and Malls

No. of Employees :

600 (Approximately)

Bankers :

v Development Credit Bank Limited, 154, S.V. Road (East), Dongri, Credit Administration Departments, Mumbai - 400 009, Maharashtra, India

v Development Credit Bank Limited, 301, Delta Plaza Branch, 414, Prabhadevi, Mumbai – 400 025, Maharashtra, India

v HDFC Bank Limited

v State Bank of India

Facilities :

Cash Credit – Rs.200.000 millions

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Working Capital Loan
Cash Credit/ WCDL	95.593	43.686
Term Loan
Rupee Term Loan	56.838	12.355
Total	152.431	56.041

Notes:

Term Loans from Financial Institutions/ Banks are secured by first charge on all the Company’s fixed assets and by way of second charge on the Current Assets of the Company.

Working capital facilities are secured by hypothecation of stock of inventories and book debts and by way of second charge on the fixed assets of the Company.

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors	1.402	4.398
Total	1.402	4.398

Banking Relations :	--
Auditors :
Name :	Rohira Mehta and Associates Chartered Accountants
Address :	B-202, 2^nd Floor, Grand Bella Vista, Near Jari Mari Temple, S.V. Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Tel. No.:	91-22-42084500
Fax No.:	91-22-42084501
E-Mail :	info@rohiramehta.com
Income-tax PAN of auditor or auditor's firm :	AAFFR0198H
Related Party :	Suvidha Design Private Limited

CAPITAL STRUCTURE

As on 11.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3859380	Equity Shares	Rs.10/- each	Rs.38.594 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
192969	Equity Shares	Rs.100/- each	Rs.19.297 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		19.297	19.297	17.543
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		183.212	104.103	43.840
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		202.509	123.400	61.383
LOAN FUNDS
1] Secured Loans		152.431	56.041	45.211
2] Unsecured Loans		1.402	4.398	34.464
TOTAL BORROWING		153.833	60.439	79.675
DEFERRED TAX LIABILITIES		0.000	0.207	0.264
TOTAL		356.342	184.046	141.322
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		147.545	74.687	62.220
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.060	0.060	0.060
DEFERRED TAX ASSETS		0.677	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	100.243	69.158	60.466
	Sundry Debtors	92.171	40.203	15.762
	Cash & Bank Balances	7.888	6.654	3.037
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	149.757	70.739	38.584
Total Current Assets		350.059	186.754	117.849
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	81.204	39.289	24.879
	Other Current Liabilities	0.777	0.671	0.346
	Provisions	60.018	37.495	13.582
Total Current Liabilities		141.999	77.455	38.807
Net Current Assets		208.060	109.299	79.042
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		356.342	184.046	141.322

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	822.221	417.450	229.427
		Other Income	7.129	1.025	0.956
		TOTAL (A)	829.350	418.475	230.383
Less	EXPENSES
		Cost of Raw Material	253.038	104.913	80.510
		Manufacturing Expenses	116.660	54.197	25.822
		Operating Expenses	5.028	3.168	1.059
		Employee Cost	106.007	60.948	46.538
		Administrative Expenses	147.081	65.669	57.142
		Selling and Distribution Expenses	88.798	52.815	20.922
		Increase/ Decrease in Stock	(29.842)	(0.838)	(25.398)
		TOTAL (B)	686.770	340.872	206.595
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		142.580	77.603	23.788
Less	FINANCIAL EXPENSES (D)		8.065	9.774	8.622
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		134.515	67.829	15.166
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.688	8.215	4.796
	PROFIT BEFORE TAX (E-F) (G)		122.827	59.614	10.370
Less	TAX (H)		40.770	20.206	3.861
	PROFIT AFTER TAX (G-H) (I)		82.057	39.408	6.509
Less	APPROPRIATIONS
		General Reserve	2.051	0.000	0.000
		Proposed Dividend	1.930	0.000	0.000
		Corporate Dividend Tax	0.320	0.000	0.000
		Profit and Loss Appropriation	0.699	0.935	0.023
	BALANCE CARRIED TO THE B/S		77.057	38.473	6.486
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	4.410	6.293	7.681
	TOTAL EARNINGS		4.410	6.293	7.681
	Earnings Per Share (Rs.)		425.23	204.22	37.10

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.89	9.42	2.83
Net Profit Margin (PBT/Sales)	(%)	14.94	14.28	4.52
Return on Total Assets (PBT/Total Assets}	(%)	24.68	22.80	5.76
Return on Investment (ROI) (PBT/Networth)		0.61	0.48	0.17
Debt Equity Ratio (Total Liability/Networth)		1.46	1.12	1.93
Current Ratio (Current Asset/Current Liability)		2.47	2.41	3.04

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	81.204	39.289	24.879

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

Note:

The Registered office of the company has been shifted from 4, Kedarnath Mishra Chawl, P.M. Road, Khotwadi, Santacruz (West), Mumbai – 400 054, Maharashtra to present address w.e.f. 01.05.2010.

PERFORMANCE:

During the year, the company has clocked the total revenues of Rs.859.191 millions as compared to Rs.419.315 millions in the previous year. An increase of 104% over the previous year. The company has posted the profit before tax of Rs.122.827 millions as compare to Rs.59.614 millions a marginal increase of 106%.

FUTURE PROSPECTUS:

Their Company is engaged in the manufacturing of the Designing wears through brand name “AND” “GLOBAL DESI” and “ANITA DONGRE” and its brand name find proper share in the domestic market. The future prospect of their Company is fair and the Company has taken appropriate measures to meet the competition in the necessary market and to increase its share by improving the quality of its products.

FIXED ASSETS:

v Factory Building

v Office Building

v Machinery

v Furniture and Fixtures

v Air Conditioner

v Computers

v Electrical Equipment

v Telephone Equipment

v Office Equipment

v Electrical Equipments

v Office Premises at Goregaon

v Motor Car

v Capital WIP at Rabale

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.55.66
UK Pound	1	Rs.85.89
Euro	1	Rs.67.88

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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
TOTAL		48

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.