MIRA INFORM REPORT

Report Date :

31.10.2012

IDENTIFICATION DETAILS

Name :	LEE COOPER (INDIA) LIMITED (w.e.f. 20.11.2008)
Formerly Known As :	LEE COOPER (INDIA) PRIVATE LIMITED (w.e.f. 26.02.2007) APPARELS AND ACCESSORIES RETAIL (INDIA) PRIVATE LIMITED
Registered Office :	Knowledge House, Shyam Nagar, Off Jogeshwari-Vikhroli Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.04.2006
Com. Reg. No.:	11-223534
Capital Investment / Paid-up Capital :	Rs.100.000 Millions
CIN No.: [Company Identification No.]	U18101MH2006PLC223534
TAN No.: [Tax Deduction & Collection Account No.]	BLRA08241C
PAN No.: [Permanent Account No.]	AAFCA7476G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Readymade Garments Apparels and Accessories such as Jeans, Shirts, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 110000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a one of the leading brand in the garment Industries. It is well established and reputed company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facility = BBB-
Rating Explanation	Moderate degree of safety. It carry moderate credit risk
Date	02.04.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Knowledge House, Shyam Nagar, Off Jogeshwari-Vikhroli Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sanu.kapoor@leecooper.in roc.info@pantaloon.com manoj.gagvani@futuregroup.in
Website :	http://www.leecooper.com
Corporate Office / Branch Office :	Bekalene House, F – 21 Central Road, MIDC, Andheri [East], Mumbai – 400073, Maharashtra, India
Tel. No.:	91-22-66442200
Fax No.:	91-22-67706799

DIRECTORS

As on 30.06.2011

Name :

Mr. Manoj Prataprai Gagvani

Designation :

Director

Address :

A/ 3 A, Viceroy Court, Thakur Village, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

15.09.1966

Date of Appointment :

30.06.2011

DIN No.:

03196589

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	U74900MH2007PTC172956	INTEGRATED FOOD PARK PRIVATE LIMITED	Director	30-09-11	11-10-10	-	Active	NO
2	U18100MH2002PTC136468	BIBA APPARELS PRIVATE LIMITED	Additional director	14-03-11	14-03-11	20-05-11	Active	NO
3	U18101MH2006PLC223534	LEE COOPER (INDIA) LIMITED	Director	30-06-11	14-03-11	-	Active	NO
4	U22211MH2011PTC215430	ACK EAGLEMOSS COLLECTIBLES PUBLISHING PRIVATE LIMITED	Director	20-07-11	20-07-11	17-12-11	Active	NO
5	U92100MH2008PTC187045	IDEAS BOX ENTERTAINMENT PRIVATE LIMITED	Director	20-07-11	20-07-11	-	Active	NO
6	U99999MH1980PTC023420	I B H BOOKS AND MAGAZINES DISTRIBUTORS PRIVATE LIMITED.	Director	20-07-11	20-07-11	-	Active	NO
7	U93000KA2004PTC034869	ACK MEDIA DIRECT PRIVATE LIMITED	Director	20-07-11	20-07-11	-	Active	NO
8	U92190MH2008PTC187450	ACK EDUTAINMENT PRIVATE LIMITED	Director	20-07-11	20-07-11	-	Active	NO
9	U32301TN1996PTC035885	KARADI TALES COMPANY PRIVATE LIMITED	Director	23-07-11	23-07-11	16-07-12	Active	NO
10	U80301TN2010PTC078617	KARADI PATH EDUCATION COMPANY PRIVATE LIMITED	Director	23-07-11	23-07-11	31-03-12	Active	NO
11	U74900MH2011PTC212995	STAR AND SITARA WELLNESS PRIVATE LIMITED	Director	02-07-12	02-07-12	-	Active	NO
12	U51909DL2004PTC130729	EXPRESS RETAIL SERVICES PRIVATE LIMITED	Additional director	18-09-12	18-09-12	-	Active	NO

Name :

Mrs. Rachna Aggarwal Sirdeshmukh

Designation :

Director

Address :

Flat E-24, 2nd Floor, Golden Enclave, Airport Road, Bangalore – 560017, Karnataka, India

Date of Birth/Age :

08.03.1969

Date of Appointment :

31.06.2011

DIN No.:

02228471

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	U85110MH1998PLC226134	INDUS-LEAGUE CLOTHING LIMITED	Director	04-09-08	23-04-08	01-02-12	Active	NO
2	U18101MH2006PLC223534	LEE COOPER (INDIA) LIMITED	Director	30-06-11	31-03-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2011

Names of Shareholders (Equity Shares)	No. of Shares
Indus – League Clothing Limited, India	1799994
Indus – League Clothing Limited Jointly with Ashutosh Vidwans, India	1
Indus – League Clothing Limited Jointly with Neeta Singh, India	1
Indus – League Clothing Limited Jointly with Manoj Gagvani, India	1
Indus – League Clothing Limited Jointly with Abhishek Jalan, India	1
Indus – League Clothing Limited Jointly with Subodh More, India	1
Indus – League Clothing Limited Jointly with Vimal Dhruve, India	1
Total	1800000

Names of Shareholders (Preference Shares	No. of Shares
Indus – League Clothing Limited, India	8200000
Total	8200000

As on 30.06.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Readymade Garments Apparels and Accessories such as Jeans, Shirts, etc.

Products :

Generic Names of principal Products of Company

Item Code No. (ITC Code)	Product Description
620462.21	Jeans
620520.02	Shirts

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Central Bank of India, Corporate Finance Branch, MMO Building, 1^st Floor, M.G. Road, Mumbai – 400023, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	0.000	16.963
Working capital loans banks secured	149.824	147.981
Total	149.824	164.944
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans others unsecured	115.000	135.000
Total	115.000	135.000

Banking Relations :	--
Auditors :
Name :	NGS and Company Chartered Accountants
Address :	B / 46, Parvasi Industrial Estste, Vishweshwar Nagar Road, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-28766446 / 4157
Fax No.:	91-22-28760882
PAN.:	AABFS3313D
Holding Company :	Indus-League Clothing Limited CIN No.: U85110KA1998PLC024450
Ultimate Holding Company :	Future Ventures India Limited CIN No.: U67120MH1996PLC192090
Associates :	Future Corporate Resources Limited CIN No.: U51100MH2005PLC156856

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs. 10/- each	Rs.18.000 Millions
16200000	2% Non Cumulative Preference Shares redeemable with 20 years.	Rs. 10/- each	Rs.162.000 Millions
	Total		Rs.180.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs. 10/- each	Rs.18.000 Millions
8200000	2% Non Cumulative Preference Shares redeemable with 20 years.	Rs. 10/- each	Rs.82.000 Millions
	Total		Rs.100.000 Millions

Note:

Of the above, 1800000 shares of Rs.10 each are held by Indus League Clothing Limited, the Holding Company

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		100.000	100.000	100.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(70.600)	(127.231)	(142.998)
NETWORTH		29.400	(27.231)	(42.998)
LOAN FUNDS
1] Secured Loans		149.824	164.944	258.453
2] Unsecured Loans		115.000	135.000	115.000
TOTAL BORROWING		264.824	299.944	373.453
DEFERRED TAX LIABILITIES		0.000	2.506	1.216
TOTAL		294.224	275.219	331.671
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		78.244	89.462	141.916
Capital work-in-progress		0.000	0.000	0.599
INVESTMENT		0.058	0.058	0.058
DEFERREX TAX ASSETS		4.864	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.014	55.207	87.360
	Sundry Debtors	317.288	236.754	242.459
	Cash & Bank Balances	0.427	0.374	2.047
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	33.211	11.150	42.812
Total Current Assets		372.940	303.485	374.678
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	106.664	96.217	166.610
	Other Current Liabilities	22.278	19.357	17.571
	Provisions	32.940	2.212	1.399
Total Current Liabilities		161.882	117.786	185.580
Net Current Assets		211.058	185.699	189.098
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		294.224	275.219	331.671

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1023.070	800.690	687.837
		Other Income	29.854	14.323	0.983
		TOTAL (A)	1052.924	815.013
Less	EXPENSES
		Consumption materials changes inventories	830.821	610.182
		Employee related expenses	9.739	8.531	694.309
		Administrative selling other expenses	85.814	133.818
		Prior period items	1.100	0.000
		TOTAL (B)	927.474	752.531	694.309
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		125.450	62.482	(5.489)
Less	FINANCIAL EXPENSES (D)		34.335	27.622	30.776
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		91.115	34.860	(36.265)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.883	15.869	17.285
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		80.232	18.991	(53.550)
Less	TAX (H)		21.688	1.306	1.566
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		58.544	17.685	(55.116)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(127.231)	(142.997)	(87.881)
Less	APPROPRIATIONS
		Dividend on Preference Shares	1.640	1.640	0.000
		Tax on Dividend	0.272	0.279	0.000
	BALANCE / (LOSS) CARRIED TO THE B/S		(70.599)	(127.231)	(142.997)
	IMPORTS
		Traded Goods	NA	65.950	14.821
	TOTAL IMPORTS		NA	65.950	14.821
	Earnings / (Loss)Per Share (Rs.)		31.46	8.76	(30.62)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.56	2.17	(8.00)
Net Profit Margin (PBT/Sales)	(%)	7.84	2.37	(7.79)
Return on Total Assets (PBT/Total Assets}	(%)	17.78	4.83	(10.37)
Return on Investment (ROI) (PBT/Networth)		2.73	(0.67)	1.25
Debt Equity Ratio (Total Liability/Networth)		14.51	(15.34)	(13.00)
Current Ratio (Current Asset/Current Liability)		2.30	2.58	2.02

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

The registered office of the company has been shifted from 16/2, Ali Asker Road, Bangalore – 560052, Karnataka, India to present address w.e.f.12.10.2011

PERFORMANCE OF YOUR COMPANY

During the year, the Company has posted Gross Turnover of Rs 1023.100 Millions

FIXED ASSETS:

· Leasehold Improvements

· Motor Car

· Computers

· Office Equipments

· Furniture and Fixtures

· Air Conditioner

· Plant and Machinery

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 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.54.17
UK Pound	1	Rs.86.83
Euro	1	Rs.69.85

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.