MIRA INFORM REPORT

Report Date :

17.09.2012

IDENTIFICATION DETAILS

Name :	PLEXUS COTTON LIMITED

Formerly Known As :	SOFTWORTHY LIMITED.

Registered Office :	20 Chapel Street, Liverpool, L3 9ag.

Country :	United Kingdom

Financials (as on) :	31.12.2011

Date of Incorporation :	15.10.1990

Com. Reg. No.:	02548312

Legal Form :	Private Limited Company

Line of Business :	Cotton Merchants

No. of Employees :	1,413 employees

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United Kingdom

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

United Kingdom - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

Source : CIA

Company Identification Details

Subject Reported on	PLEXUS COTTON LIMITED
Registration Number	02548312
VAT Number	GB548636900
Address	UNITY BUILDING, 20 CHAPEL STREET, LIVERPOOL, MERSEYSIDE, L3 9AG.
Email	mail@plexus-cotton.com
Web Address	www.plexus-cotton.com

Official Company Data

Legal Form	Private Limited
Registration Number	02548312
VAT Number	GB548636900
Subject Status	Trading
Date of Incorporation	15/10/1990
Registered Office	20 CHAPEL STREET, LIVERPOOL, L3 9AG.
History	23/02/2011 : The Registered Office address changed from COTTON PLACE, 2 IVY STREET, BIRKENHEAD, WIRRA.
	27/06/2001 : The Registered Office address changed from 265-279 MARTINS BUILDINGS, 4 WATER STREET, LI.
	13/10/1994 : The Registered Office address changed from MARTINS BUILDINGS,, 4 WATER STREET,, LIVERPOO.
	11/12/1990 : Change of name from SOFTWORTHY LIMITED.
Date of Last Annual Return to Registry	15/10/2011
Accounts	The last filed accounts at Companies House are those to 31/12/2011
Accounting Reference Date	31/12

Operations

Activities	Manufacturers A group engaged as cotton merchants.
Nace Code	1711
Premises	Leased,Offices
Staff Employed	1,413
Import Countries	ALL OVER THE WORLD
Export Countries	ALL OVER THE WORLD
Bankers	HSBC BANK PLC
Auditors	PricewaterhouseCoopers LLP
Subsidiaries	MELBOURNE HOLDINGS (LIVERPOOL) LIMITED
	PLEXUS INTERNATIONAL LIMITED
	PLEXUS RISK MANAGEMENT SERVICES LIMITED

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
1	2	2

Search History Details

The Search History Details shows details of the most recent 40 searches

Date	Description
25/07/2012	Miscellaneous
27/04/2012	Miscellaneous
13/07/2011	Miscellaneous

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	19
Number Outstanding	15
Number Partially Satisfied	0
Number Satisfied	4

Date of Latest Mortgage Created	05/07/2012
Date of Latest Satisfaction	17/01/2012

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	19/07/2012	05/07/2012	Debenture	MG01	Nedbank Limited
	21/02/2012	01/02/2012	Debenture	MG01	Fbn Bank (Uk) Ltd
	28/09/2011	23/09/2011	Second Supplemental Assignment Of Contracts	MG01	Standard Chartered Bank
	28/09/2011	23/09/2011	Third Supplemental General Memorandum Of Pledge	MG01	Standard Chartered Bank
	19/07/2011	14/07/2011	A Trade Finance Security Deed	MG01	Banque Cantonale Vaudoise
17/01/2012	13/07/2011	04/07/2011	Debenture And Assignment	MG01	Nedbank Limited
	11/04/2011	08/04/2011	Second Supplemental General Memorandum Of Pledge	MG01	Standard Chartered Bank
	11/04/2011	08/04/2011	Supplemental Assignment Of Contracts	MG01	Standard Chartered Bank
17/01/2012	04/08/2010	26/07/2010	Legal Charge	MG01	Nedbank Limited
17/01/2012	14/07/2010	12/07/2010	Account Charge	MG01	Nedbank Limited

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Other Filings and Notices

Date

Source

Description

12/07/2012	Companies House Gazette	Notification of any change among the company's directors
26/06/2012	Companies House Gazette	All documents required to be delivered to the registrar under section 441 (annual accounts and reports)
22/07/2009	Companies House Gazette	Change among directors of a company
14/07/2009	Companies House Gazette	Change among directors of a company
06/01/2009	Companies House Gazette	Change among directors of a company
04/02/2005	Companies House Gazette	Resolutions which give vary
08/04/2004	Companies House Gazette	Change among directors of a company
02/10/2001	Companies House Gazette	Change among directors of a company
23/04/1998	Companies House Gazette	Change among directors of a company
01/12/1994	Companies House Gazette	Change among directors of a company
26/10/1993	Companies House Gazette	Change among directors of a company
27/07/1992	Companies House Gazette	Rights of shares
22/01/1992	Companies House Gazette	Change among directors of a company
18/01/1991	Companies House Gazette	Alteration in memorandum or articles of association
05/12/1990	Companies House Gazette	Change among directors of a company
29/11/1990	Companies House Gazette	Alteration in memorandum or articles of association
29/11/1990	Companies House Gazette	Resolutions which give vary
27/11/1990	Companies House Gazette	Alteration in memorandum or articles of association

Company Secretary

Secretary	MRS ANN MARIE ADLINGTON
Service Address	20 CHAPEL STREET, LIVERPOOL, L3 9AG.
Country of Origin	UNITED KINGDOM
Date of Birth	07/06/1951
Appointment Date	21/07/2009

Directors

Accountant	LAURENCE KIRBY
Service Address	20 CHAPEL STREET, LIVERPOOL, L3 9AG.
Country of Origin	UNITED KINGDOM
Date of Birth	09/11/1947
Appointment Date	19/10/1993
Other Directorships	DAVID WILLIAMS PLAYTHINGS LIMITED, PLEXUS RISK MANAGEMENT SERVICES LIMITED, PENNEFATHER (LIVERPOOL) LIMITED
Director	MR JEAN MARC DEROSSIS
Service Address	20 CHAPEL STREET, LIVERPOOL, L3 9AG.
Country of Origin	FRANCE
Date of Birth	23/04/1974
Appointment Date	01/04/2004
Other Directorships	JMD ESTATES LIMITED
Accountant	MR THOMAS CHRISTOPHER GREEN
Service Address	20 CHAPEL STREET, LIVERPOOL, L3 9AG.
Country of Origin	UNITED KINGDOM
Date of Birth	13/06/1968
Appointment Date	21/07/2009
Other Directorships	EXCELL COTTON INTERNATIONAL LIMITED, SMITH COTTON LIVERPOOL LIMITED, US FIBRES INTERNATIONAL LIMITED, COTEXCO OVERSEAS CORPORATION LIMITED, MELBOURNE HOLDINGS (LIVERPOOL) LIMITED, OVERSEAS COTTON TRADING CORPORATION (LIVERPOOL) LIMITED
Director	NICHOLAS PETER FRANCIS EARLAM
Service Address	20 CHAPEL STREET, LIVERPOOL, L3 9AG.
Country of Origin	UNITED KINGDOM
Date of Birth	20/06/1958
Appointment Date	15/10/1991
Other Directorships	PLEXUS PROPERTIES LIMITED, PLEXUS RISK MANAGEMENT SERVICES LIMITED, PENNEFATHER (LIVERPOOL) LIMITED, LIVERPOOL-SHANGHAI PARTNERSHIP LIMITED, HAMSARD 3292 LIMITED
Director	DIDIER BOISTON
Service Address	20 CHAPEL STREET, LIVERPOOL, L3 9AG.
Country of Origin	FRANCE
Date of Birth	06/04/1949
Appointment Date	20/11/2009

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	210,000
Shares	Preference GBP 1.00
Issued Number	10,000
Principal Shareholder	76,700 Nicholas Peter Francis Earlam
	50,000 Paige Lewis Earlam
	33,000 Pennefather (Liverpool) Ltd
	33,000 Fritz Alexander Grobien
	10,000 Amanda Mary Earlam
	8,300 David Jonathan Earlam
	5,000 Jennifer Mary Burrett
	4,000 Mark English

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Financial Data– Statutory Accounts

Profit and Loss
*The following figures are shown in units of 1000*
Number of Weeks	52	52	52	52
Accounts Date	31/12/2011	31/12/2010	31/12/2009	31/12/2008
Consolidated	Yes	Yes	Yes	Yes
Currency	USD	USD	USD	USD
SALES	511590	400326	265506	453518
Cost of goods sold	480023	377531	249470	444290
GROSS PROFIT	31567	22795	16036	9228
Wages and Salaries	7662	6912	5806	8991
Directors Emoluments	1196	937	728	1878
Auditors Fees	93	63	84	87
Non-Audit Fees	80		175	161
Trading Profit	14739	13626	3949	(7848)
Depreciation	1585	1802	2385	2273
OPERATING PROFIT	13154	11824	1564	(10121)
Non Trading Income	15	15	1655	2524
Interest Payable	3731	3750	3039	5435
PRE TAX PROFIT	9438	8089	180	(13032)
Taxation	2270	1448	622	(1486)
PROFIT AFTER TAX	7168	6641	(442)	(11546)
RETAINED PROFITS	6169	6145	375	(9757)

Balance Sheet
*The following figures are shown in units of 1000*
Number of Weeks	52	52	52	52
Accounts Date	31/12/2011	31/12/2010	31/12/2009	31/12/2008
Consolidated	Yes	Yes	Yes	Yes
Currency	USD	USD	USD	USD
TOTAL FIXED ASSETS	19610	21728	22169	23420
Tangible Assets	19610	21728	22169	23420
Fixed Assets	18761	20860	20332	21387
Intermediate assets	849	868	1837	2033
TOTAL CURRENT ASSETS	96467	100516	74305	60638
Trade debtors	39646	41796	27223	21429
Stocks	29181	33934	34696	19669
Other Current Assets	27640	24786	12386	19540
Misc Current Assets	5865	4812	4287	6019
Due From Group		20
Cash	21775	19954	8099	13521
TOTAL ASSETS	116077	122244	96474	84058
TOTAL CURRENT LIABILITIES	90163	99377	78350	66651
Trade creditors	27932	26090	26313	15010
Short Term Loans	56891	69850	49742	49916
Bank Overdraft	56622	69392	47454	49463
Other Finance	269	458	2288	453
Other Liabilities	5340	3437	2295	1725
WORKING CAPITAL	6304	1139	(4045)	(6013)
TOTAL LONG TERM LIABS	8300	11419	12821	12579
Long Term Loans	6653	10337	12027	4131
Bank Loans	5538	9362	10800	3510
Other Finance	1115	975	1227	621
Other Liabilities	1647	1082	794	8448
NET ASSETS/(LIABILITIES)	17614	11448	5303	4828
SHARE CAPITAL + RESERVES	17614	11448	5303	4828
Share Cap + Sundry Res	6136	6136	6136	6169
Issued Share Capital	359	359	359	359
Sundry Reserves	5777	5777	5777	5810
Profit and Loss account	11478	5312	(833)	(1341)
SHAREHOLDERS FUNDS	17614	11448	5303	4828
CAPITAL EMPLOYED	25914	22867	18124	17407

Financial Comparison
*The following figures are shown in units of 1000*
Number of Weeks	52	52	52	52
Accounts Date	31/12/2011	31/12/2010	31/12/2009	31/12/2008
Consolidated	Yes	Yes	Yes	Yes
Currency	USD	USD	USD	USD
Net Cashflow from Oper.	22672	(442)	(10088)	33199
Increase in Cash	11904	(10367)	1126	(566)
Directors Remuneration	1196	937	728	1878
Auditors Remuneration	93	63	84	87
Liquid Assets	61421	61750	35322	34950
Net Working Capital	6304	1139	(4045)	(6013)
Long Term Debt(>12 Months)	6653	10337	12027	4131
Other Deferred Liabs	1647	1082	794	8448
Tangible Net Worth(T.N.W)	17614	11448	5303	4828
Equity	17614	11448	5303	4828
Number of Years Trading	21	20	19	18
Number of Employees	1413	1389	1271	1339
Profit per Employee	6679.4	5823.6	141.6	(9732.6)
Sales per Employee	362059.4	288211.7	208895.4	338699

Key Credit Ratios
*The following figures are shown as Ratios or Percentages*
Accounts Date	31/12/2011	31/12/2010	31/12/2009	31/12/2008
Consolidated	Yes	Yes	Yes	Yes
Current Ratio	1.1	1	0.9	0.9
Long Term Debt/T.N.W	0.4	0.9	2.3	0.9
Pre Tax Profit Margin%	1.8	2	0.1	(2.9)
Gross Profit%	6.2	5.7	6	2
Debtors Days (D.S.O)	28	38	37	17
Creditors Days (D.P.O)	20	24	36	12
Quick Ratio	0.7	0.7	0.5	0.6
W.I.P/Inventory Days	22.2	32.8	50.8	16.2
Return on Investment%	15.9	12.8	4.7	(11.3)
Return on Assets%	8.1	6.6	0.2	(15.5)
T.N.W/Total Assets%	15.2	9.4	5.5	5.7
Return on Capital%	36.4	35.4	1	(74.9)
Rtn on Shareholders Funds%	53.6	70.7	3.4	(269.9)
Working Capital/Sales%	1.2	0.3	(1.5)	(1.3)
Borrowing Ratio%	360.8	700.4	1164.8	1119.4
Equity Gearing%	17.9	10.3	5.8	6.1
Stock Turnover	17.5	11.8	7.7	23.1
Days Purchases Outstanding	21.2	25.2	38.5	12.3
Sales/Fixed Assets	27.3	19.2	13.1	21.2
Debt Gearing	37.8	90.3	226.8	85.6

Key Industry Sector Trends

Year	2011	2010	2009	2008
Sample Size	231	280	297	311
Pre-Tax Profit Margin	6.1	6	4.1	5.7
Current Ratio	2.2	2.2	2.4	2.2
Borrowing Ratio	65.6	59.8	53.2	107.6
Return on Capital	14.6	14.1	8	7.5
Creditors Days	37	37	45	37

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Preparation and spinning of textile fibres

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2011.

Turnover

Turnover increased by 28 % in the period and now totals USD 511,590,000.

Operating Profit

Totalled USD 13,154,000. In the year prior a Profit of USD 11,824,000 was achieved.

Pre Tax Profit

The subject's profit increased by 16 % in the year.

Working Capital

The company's working capital has increased by 453 % in the period.

Net Worth

Net worth has increased by 54 % and now stands at USD 17,614,000.

Fixed Assets

The subject's fixed assets reduced during the year by USD 2,118,000 to USD 19,610,000 and are now 16 % of total assets compared with 17 % in the previous year.

Long Term Liabilities

The company's long term liabilities reduced during the period by 27 % and are now 47 % of net worth compared with 100 % in the previous period.

Long Term Liabilities

Long term liabilities are now 7 % of total liabilities compared with 9 % in the previous period.

Long Term Liabilities

Long term liabilities are 32 % of capital employed, a decrease of 18 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.73
UK Pound	1	Rs.88.61
Euro	1	Rs.71.34

INFORMATION DETAILS

Report Prepared by :

MNL

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	----

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.