MIRA INFORM REPORT

Report Date :

10.03.2012

IDENTIFICATION DETAILS

Name :	PACIFIC GARMENTS PRIVATE LIMITED
Registered Office :	D-65, East of Kailash, New Delhi-110065
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.07.1995
Com. Reg. No.:	55-071229
Capital Investment / Paid-up Capital :	Rs. 6.000 Millions
CIN No.: [Company Identification No.]	U74899DL1995PTC071229
TAN No.: [Tax Deduction & Collection Account No.]	DELP07320F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of ladies hi-fashion garments, skirts, tops, jackets, bed cover, cushion cover
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 Office / Factory :	D-65, East of Kailash, New Delhi-110065, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	pacific@pacificgarments.com
Website :	www.spacificgarments.com
Head Office :	D-41, Hosiery Complex, Phase-II Extension, Noida-201305, Uttar Pradesh, India
Tel. No.:	91-120-4720000
Fax No.:	91-120-4334565

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Rakesh Gupta
Designation :	Director
Address :	D-65, East of Kailash, New Delhi-110065, India
Date of Appointment :	29.02.2004
DIN No.:	01113537

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	U74899DL1995PTC071229	PACIFIC GARMENTS PRIVATE LIMITED	Director	29-02-04	29-02-04	Active	NO
2	U18101DL2004PTC130334	MANUSHREE APPARELS PRIVATE LIMITED	Director	18-05-05	18-05-05	Active	NO

Name :	Mr. Madhushree Gupta
Designation :	Director
Address :	D-65, East of Kailash, New Delhi-110065, India
Date of Appointment :	12.08.2005
DIN No.:	01133543

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	U72900DL2002PTC117282	MADHUR SOFTSOL PRIVATE LIMITED	Director	20-11-04	20-11-04	Active	NO
2	U74899DL1995PTC071229	PACIFIC GARMENTS PRIVATE LIMITED	Director	12-08-05	12-08-05	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Nirmal Kumar Gupta	150000
Madhushree Gupta	450000
Total	600000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of ladies hi-fashion garments, skirts, tops, jackets, bed cover, cushion cover
Products :	Exports of Mapeups

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

United Bank of India, Plot No.11, Hemanta Basu Sarani, Kolkata-700001, West Bengal, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Packing Credit	14.913	14.407
Term Loan	6.291	7.930
HDFC Bank – OD A/c	0.948	0.000
UBI Bank – OD A/c	3.381	4.356
ICICI Bank (Santro)	0.105	0.177
ICICI Bank (Innova)	0.000	0.026
ICICI Bank (Van)	0.413	0.000
ICICI Bank (Honda)	0.287	0.419
LIC of India (Loan)	0.000	0.628
ICICI (Honda City)	0.498	0.632
ICICI (Honda Accord)	1.286	1.560
Total	28.122	30.135
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Niloo Gupta	0.312	0.312
Nirmal Kumar Gupta	0.005	5.420
Manushree Apprales	0.084	0.089
Ankur Jain	0.300	0.300
Rakesh Gupta	1.314	0.286
Kapas	0.296	0.000
Madhushree Gupta	7.601	7.256
Total	9.912	13.663

Banking Relations :	--
Auditors :
Name :	Mehra and Sistani Chartered Accountant
Address :	APPTT 101, I-22, Jangpura Extn., New Delhi-110014, India
Pan No.:	AAAFM0035H

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs. 6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs. 6.000 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		6.000	6.000	6.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(6.043)	(9.509)	(10.845)
NETWORTH		(0.043)	(3.509)	(4.845)
LOAN FUNDS
1] Secured Loans		28.122	30.135	20.871
2] Unsecured Loans		9.912	13.663	15.789
TOTAL BORROWING		38.034	43.798	36.660
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		37.991	40.289	31.815
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.419	20.361	7.999
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.892	7.642	1.167
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	31.069	18.387	12.132
	Sundry Debtors	9.136	9.365	4.432
	Cash & Bank Balances	0.716	3.754	3.537
	Other Current Assets	2.203	2.067	2.809
	Loans & Advances	6.920	3.446	23.343
Total Current Assets		50.044	37.019	46.253
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.078	16.404	15.749
	Other Current Liabilities	11.458	6.211	7.355
	Provisions	1.828	2.118	0.500
Total Current Liabilities		35.364	24.733	23.604
Net Current Assets		14.680	12.286	22.649
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		37.991	40.289	31.815

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	117.165	NA	108.204
		Other Income
		TOTAL	117.165	NA	108.204
Less	EXPENSES
		Office Expenses	113.835	NA	134.701
		Administrative Expenses
		Advertising Expenses
		TOTAL	113.835	NA	134.701
	PROFIT / (LOSS) BEFORE TAX		3.330	NA	(26.497)
Less	TAX		(0.136)	NA	(2.751)
	PROFIT / (LOSS) AFTER TAX		3.466	1.336	(23.746)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(9.508)	(10.844)	NA
	BALANCE CARRIED TO THE B/S		(6.042)	(9.508)	NA
	EXORT VALUE		94.041	72.224	76.094
	Earnings Per Share (Rs.)		5.78	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.96	NA	(21.95)
Return on Total Assets (PBT/Total Assets}	(%)	4.79	NA	(48.84)
Return on Investment (ROI) (PBT/Networth)		(77.44)	NA	5.47
Debt Equity Ratio (Total Liability/Networth)		(1706.93)	(19.53)	(12.44)
Current Ratio (Current Asset/Current Liability)		1.42	1.50	1.96

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U74899DL1995PTC071229
Name of the company	PACIFIC GARMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D-65, East of Kailash, New Delhi-110065, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	United Bank of India, Plot No.11, Hemanta Basu Sarani, Kolkata-700001, West Bengal, India
Nature of instrument creating charge	Hypothecation Agreement
Date of instrument Creating the charge	12.01.2010
Amount secured by the charge	RS. 25.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest @ 12% p.a. at PLR which is at present 12% p.a. with monthly rests for value received. Terms of repayment As per Agreement Margin As per Agreement Extent and operation of the charge As per Agreement Other The above is to secure all amounts payable under the overdraft/ cash credit limit of Rs. 25.900 Millions
Short particulars of the property charged (Including location of the property)	Hypothecation of all stocks of fabrics, garments, handicrafts, made-ups, whether raw or in process or in transit including both present and future by way of first charge in favour of the bank. Hypothecation of all book debts, outstanding money, receivable claims, bills, contracts, engagements, securities, rights and movable assets, both P and F, by way of first charge in favour of the bank. Hypothecation of all plants, machinery, boilers, engines, appliances, tools and implements both present and future including in course of transit by way of first charge in favour of the bank.
Charge identification number of the charge to be modified	80052227
Date of instrument modifying the charge	27.09.2005
Particulars of the present modification	The Consolidate limits are modified as follows: Present Modified PC/FBP/FBN 15.000 Millions 15.000 Millions TL I 10.000 Millions Nil TL II Nil 10.900 Millions --------------------------------------------- Total 25.000 Millions 25.900 Millions ---------------------------------------------

FIXED ASSETS

· Machinery

· Fire Extinguisher

· AC for Office

· Car

· Computers

· Furniture and Fixtures

· Mobile Phones

· Refrigerators

· Office Equipments

· Air Conditioner

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. 50.01
UK Pound	1	Rs. 79.00
Euro	1	Rs. 66.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		17

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.