MIRA INFORM REPORT

Report Date :

22.06.2012

IDENTIFICATION DETAILS

Name :	CATWALK WORLDWIDE PRIVATE LIMITED
Registered Office :	220 Atlas Mills Compound, Behind Modern Cold Storage, Reay Road (West), Mumbai – 400010, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.03.2003
Com. Reg. No.:	11-139422
Capital Investment / Paid-up Capital :	Rs.15.100 Millions
CIN No.: [Company Identification No.]	U52324MH2003PTC139422
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ladies Footwear and Uppers
No. of Employees :	400 (Approximately)

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 990000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track. Trade relations are 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

INFORMATION PARTED BY

Name :	Mr. Jayesh Mestry
Designation :	Senior Account Manager
Contact No.:	91-22-39542229
Date :	20.06.2012

LOCATIONS

Registered Office :	220 Atlas Mills Compound, Behind Modern Cold Storage, Reay Road (West), Mumbai – 400010, Maharashtra, India
Tel. No.:	91-22-23770906 / 907 / 908
Fax No.:	91-22-23728191
E-Mail :	girishmuraka@gmail.com helpline@catwalkworldwide.com accounts@catwalkworldwide.com
Website :	http://catwalk.co.in
Area :	4000 sq ft
Location :	Rented
Factory :	7/B, Heera Bhai Compound, Ghapeddeo Cross Road, No.1, Mazgaon, Mumbai – 10, Maharashtra, India
Mob No.:	91-9892446915 (Mr. Irfan)
Area :	4000 sq ft
Location :	Rented

DIRECTORS

As on 26.09.2011

Name :	Mr. Asif Ebrahim Merchant
Designation :	Whole-time director
Address :	4^th Floor, Chistia Manzil, Motlibai Street, Agripada, Mumbai – 400011, Maharashtra, India
Date of Birth/Age :	04.10.1963
Date of Appointment :	08.03.2003
DIN No.:	00287289

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U52324MH2003PTC139422	CATWALK WORLDWIDE PRIVATE LIMITED	Whole-time director	08-03-03	08-03-03	-	Active	NO
2	U91200MH2011NPL211926	ALL INDIA FOOTWEAR MANUFACTURERS AND RETAILERS ASSOCIATION	Director	06-01-11	06-01-11	-	Active	NO

Name :	Mrs. Minaz Asif Merchant
Designation :	Whole-time director
Address :	4^th Floor, Chistia Manzil, Motlibai Street, Agripada, Mumbai – 400011, Maharashtra, India
Date of Birth/Age :	02.02.1966
Date of Appointment :	08.03.2003
DIN No.:	00287068

KEY EXECUTIVES

Name :	Mr. Rakesh Sharma
Designation :	Executive Assistant to MD
Name :	Mr. Nitesh Savani
Designation :	Head – Finance and Accounts
Name :	Mr. Imtiyaz Chhipa
Designation :	Head – IT
Name :	Mr. Asrar Ahmed
Designation :	Head – Distribution and Logistics
Name :	Mr. Zameer Sayed
Designation :	Manager – Buying
Name :	Mr. Sameer Khimani
Designation :	Senior manager Operations
Name :	Mr. Jayesh Mestry
Designation :	Senior Account Manager
Name :	Mr. Ubaid Kathiwala
Father’s Name:	Mr. Abdul Majid Kathiwala
Designation :	Chief Executive Officer
Address :	B-304, Deepti DSM Chs Limited, Kalyan Complex, Yari Road, Versova Andheri (West), Mumbai – 400061, Maharashtra, India
Date of Birth/Age :	08.08.1975
Date of Appointment :	October, 2010

Note:

Mr. Ubaid Kathiwala is CEO of the company. He is not a director of the company. He was going to be appointed as director in October 2010 but due to some technical reasons he was not appointed as Director.

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Asif Ebrahim Merchant, 4^th Floor, Chistia Manzil, Motlibai Street, Agripada, Mumbai – 400011, Maharashtra, India	935000
Minaz Asif Merchant, 4^th Floor, Chistia Manzil, Motlibai Street, Agripada, Mumbai – 400011, Maharashtra, India	70000
Farnaz Asif Merchant, 4^th Floor, Chistia Manzil, Motlibai Street, Agripada, Mumbai – 400011, Maharashtra, India	5000
Truworth Shoes Private Limited, 4^th Floor, Chistia Manzil, Motlibai Street, Agripada, Mumbai – 400011, Maharashtra, India	500000
Total	1510000

As on 26.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	33.12
Directors or relatives of Directors	66.88
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ladies Footwear and Uppers
Imports :
Products :	· Footwear · Uppers
Countries :	· Malaysia · China · Hong Kong
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Ladies Footwear	Pairs	N.A.	N.A.	92,867

GENERAL INFORMATION

Suppliers :

· Parmar Brothers

Customers :

Wholesalers, Retailers and End Users

· Reliance Footprint Limited

No. of Employees :

400 (Approximately)

Bankers :

· Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot no. C-38 and 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India

· Standard Chartered Bank, 23-25, M G Road, Fort, Mumbai - 400001, Maharashtra, India

· Bank of Baroda, Altamount Road Branch, Crystal Building Altamount Road, Mumbai – 400026

· Ing Vysya Bank Limited, Shop No.110 To 112, Ever Shines Millenium Paradise, Thakur Village, Khandivali (E),Greater Mumbai, Mumbai - 400101, Maharashtra, India

Facilities :

Working Capital / Cash Credit / Term Loan : Rs.110.000 Millions (Standard Chartered Bank)

Total Facility: Rs.150.000 Millions (From Ing Vysya Bank Limited)

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan from Standard Chartered Bank, secured against Commercial Property at Matulya Mill Compound, Lower Parel	27.900	28.698
Term Loan from Standard Chartered Bank, secured against Residential Flats at Dheeraj Solitaire, Malad	2.388	3.307
Term Loan from Standard Chartered Bank, for Furniture and Fixtures	7.668	9.770
Term Loan from Standard Chartered Bank, for Furniture and Fixtures	14.512	0.000
Term Loan from Standard Chartered Bank, for Furniture and Fixtures	13.240	0.000
Term Loan from Standard Chartered Bank, for Furniture and Fixtures and Working Capital	6.002	0.000
Loan from Axis Bank Limited, secured against Motor Car	0.000	0.110
Loan from Kotak Mahindra Prime Limited, secured against Motor Car	0.310	0.472
Loan from Kotak Mahindra Prime Limited, secured against Motor Car	0.463	0.000
Overdraft with Standard Chartered Bank Limited, secured against Stock and Debtors	95.312	110.060
Total	167.795	152.417
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Banks	16.240	14.049
From Financial Institution	2.172	5.917
From Others	50.500	47.300
Total	68.912	67.266

Banking Relations :	--
Auditor 1 :
Name :	R.K. Khanna and Associations Chartered Accountants
Address :	402, Regent Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India
PAN No.:	AADFR9496A
Auditor 2 :
Name :	U. G. Devi and Company Chartered Accountants
Address :	7/10, Botawala Building, Horniman Circle, Fort , Mumbai - 400023, Maharashtra, India
PAN No.:	AAAFU0073B

CAPITAL STRUCTURE

As on 31.03.2011

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
1510000	Equity Shares	Rs.10/- each	Rs.15.100 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		15.100	15.100	15.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		231.879	29.400	19.319
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		246.979	44.500	34.419
LOAN FUNDS
1] Secured Loans		167.795	152.417	155.393
2] Unsecured Loans		68.912	67.266	84.974
TOTAL BORROWING		236.707	219.683	240.367
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		483.686	264.183	274.786
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		292.262	96.373	96.179
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.000	0.000	0.000
DEFERREX TAX ASSETS		0.646	0.847	0.005
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	115.745	96.575	90.804
	Sundry Debtors	79.183	57.753	66.870
	Cash & Bank Balances	1.800	6.745	4.843
	Other Current Assets	39.157	28.694	28.340
	Loans & Advances	62.299	45.782	47.414
Total Current Assets		298.184	235.549	238.271
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	81.214	50.882	46.970
	Other Current Liabilities	16.057	9.275	9.442
	Provisions	16.135	8.429	4.017
Total Current Liabilities		113.406	68.586	60.429
Net Current Assets		184.778	166.963	177.842
MISCELLANEOUS EXPENSES		0.000	0.000	0.760
TOTAL		483.686	264.183	274.786

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	581.441	404.818	337.569
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		54.787	32.909	24.482
Less	FINANCIAL EXPENSES		23.848	22.081	24.300
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		47.367	10.828	4.182
Less/ Add	DEPRECIATION/ AMORTISATION		7.425	6.421	4.410
Add	NET INCOME FROM NON-BUSINESS ASSETS		8.214	9.245	12.090
	PROFIT BEFORE TAX		31.728	13.652	11.862
Less	TAX		9.437	3.571	2.645
	PROFIT AFTER TAX		22.291	10.081	9.217
	Earnings Per Share (Rs.)		15.00	6.68	--

Particulars	31.03.2012
Sales Turnover (Approximately)	580.000

Expected Sales (2012-2013) : Rs.650.000 Millions

The above information has been parted by Mr. Jayesh Mestry.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	5.46	3.37	3.51
Return on Total Assets (PBT/Total Assets}	(%)	5.37	4.11	3.55
Return on Investment (ROI) (PBT/Networth)		0.13	0.31	0.34
Debt Equity Ratio (Total Liability/Networth)		1.42	6.48	8.74
Current Ratio (Current Asset/Current Liability)		2.63	3.43	3.94

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	Yes
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	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
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

OPERATION:

During the year, the company's sales were increased to Rs. 581.441 Millions as compared to Rs. 404.818 Millions and other Profit before tax increased to Rs. 31.728 Millions as compared to Rs. 13.652 Millions in the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U52324MH2003PTC139422
Name of the company	CATWALK WORLDWIDE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	220 Atlas Mills Compound, Behind Modern Cold Storage, Reay Road (West), Mumbai – 400010, Maharashtra, India E-mail : girishmurarka@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10020199
Type of charge	Immovable property
Particular of charge holder	Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot no. C-38 and 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India E-mail : sme.form8@sc.com
Nature of instrument creating charge	Memorandum of Extension of Mortgage
Date of instrument Creating the charge	08.08.2011
Amount secured by the charge	Rs.154.572 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and Operation of the charge The Bank is having pari passu charge along with ING Vysya Bank on the security given by the Company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Pari passu charge along with ING Vysya Bank on a) Unit No. A1-A5, Matulya Mills Compound, Gr. Floor, S B Marg, Lower Parel, Mumbai 400013 b) Flat No.101, 1st Floor, A Wing, Dheeraj Solitaire, Chincholi Bunder Road, Malad W, Mumbai 400064 c) Flat No.1501, 15th Floor, A Wing, Dheeraj Solitaire, Chincholi Bunder Road, Malad W, Mumbai 400064 d) Flat No.805, 8th Floor, B Wing, Dheeraj Solitaire, Chincholi Bunder Road, Malad W, Mumbai 400064. e) Flat No.1704, 17th floor, B Wing, Dheeraj Solitaire, Cincholi Bunder Road Malad W, Mumbai 400064.
Date of instrument modifying the charge	10.03.2011
Particulars of the present modification	By way of present modification, the charge amount of Rs.203.950 Millions reduced to Rs.154.572 Millions against the security of immovable properties as mentioned in Sr. no. 15 and Memorandum of Extension of Mortgage. The Charge is on pari passu basis along with ING Vysya Bank.

TRADE REFERENCES:

· Parmar Brothers

· Reliance Footprint Limited

FIXED ASSETS:

· Plant and Machinery

· Mould and Dyes

· Air Conditioners

· Telecom Apparatus

· Television Sets

· Digital Camera

· Furniture & Fixtures

· Water Cooler

· Computers

· Motor Vehicle

· Generator

AS PER WEBSITE DETAILS:

MILESTONES

1990 Begins the journey in the Indian footwear industry, targeting the premium segment of the market

1994 - 1999 Became the official footwear design house for prestigious Femina Miss India

1996 - 2000 Established itself well in the women footwear market as premium brand

2001 Joins hands with Pyramid to launch its first shop-in-shop format in Pune

2003 Joins hands with India-s most famous retail chains - Shoppers Stop and Pantaloons

2003 Became a Private Ltd. Company

2005 Was awarded with the best footwear brand of the year

2005 Shoppers Stop awarded Catwalk as the best retailer of the year in the footwear category

2007 Gears for the largest partnership in terms of volume as it is chosen to anchor the country-s biggest name Reliance in its retail foray

2007 - 2008 Nominated at Central Icons for Women Footwear Brands

2008 - 2009 Rated as most preferred women-s footwear brand by Images

2009- 2010 Crowned as Best Retailer of the year in footwear category by Shoppers Stop and Central Icon 2008-10 by Central confirming Catwalk's market leader position

2010 - 2011 Catwalk MD, Mr. Asif Merchant triumphed the first prize in the online voting & second runner-up as Style Icon in "Pantaloon Style Inc."

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.56.42
UK Pound	1	Rs.88.45
Euro	1	Rs.71.52

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--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.