MIRA INFORM REPORT

Report Date :

31.05.2013

IDENTIFICATION DETAILS

Name :	ASHAPURA INTIMATES FASHION LIMITED (w.e.f. 19.12.2012)
Formerly Known As :	ASHAPURA INTIMATES FASHION PRIVATE LIMITED (w.e.f. 09.11.2012) ASHAPURA APPARELS PRIVATE LIMITED
Registered Office :	Shop No. 3-4, Ground Floor, Pacific Plot, No. 507, TPS IV Off B.S. Road, Mahim Dividson, Dadar (West), Mumbai – 400028, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.07.2006
Com. Reg. No.:	11-163133
Capital Investment / Paid-up Capital :	Rs. 53.086 Millions
CIN No.: [Company Identification No.]	U17299MH2006PLC163133
PAN No.: [Permanent Account No.]	AAFCA8960K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of all kinds of Garments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 439000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit = BB-
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	January 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 :	Shop No. 3-4, Ground Floor, Pacific Plot, No. 507, TPS IV Off B.S. Road, Mahim Dividson, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	Harshadthakar2003@yahoo.com vipinpandey@valentineloungewear.com customercare@valentineloungewear.com
Head Office / Factory 1 :	Unit No 2,3,4, Pacific Plaza, Plot No. 570, Masjid Gali, Off Bhavani Shankar Road, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-24331552 / 53 / 32931473 / 349990 / 320007
Factory 2 :	Gala No. 101 to 109, D-6, Harihar Compound, Mankoli Naka, Opp. Indian Corp Dapode, Thane-Nashik Highway, Bhiwandi, Thane – 421329, Maharashtra, India
Tel. No.:	91-2522-647401/2/3/4/5/6/7/8

DIRECTORS

As on 28.09.2012

Name :

Mr. Harshad Hirji Thakkar

Designation :

Managing director

Address :

8/L9, G V Scheme Road, Gynashwar Darshan, Mulund East, Mumbai - 400081, Maharashtra, India

Date of Birth/Age :

14.08.1977

Date of Appointment :

19.12.2012

PAN No.:

ACEPT1479L

DIN No.:

01869173

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	U17299MH2006PLC163133	ASHAPURA INTIMATES FASHION LIMITED	Managing director	19/12/2012	17/07/2006	-	Active	NO
2	U18109MH2010PTC199178	MOMAI APPARELS PRIVATE LIMITED	Director	21/01/2010	21/01/2010	-	Active	NO

Name :

Mr. Dinesh Chanubha Sudha

Designation :

Whole-time director

Address :

Flat no 19, Dhyaneshwar Darshan Tower,, Floor 7,B, , wing, G .V. Scheme, Road No. 3, Mulund (East), Mumbai - 400081, Maharashtra, India

Date of Birth/Age :

29.03.1978

Date of Appointment :

19.02.2012

PAN No.:

AVZPS0867R

DIN No.:

02836240

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	U18109MH2010PTC199178	MOMAI APPARELS PRIVATE LIMITED	Director	21/01/2010	21/01/2010	-	Active	NO
2	U17299MH2006PLC163133	ASHAPURA INTIMATES FASHION LIMITED	Whole-time director	19/12/2012	30/03/2012	-	Active	NO

Name :

Mrs. Darshana Thakkar

Designation :

Whole-time director

Address :

8/L9, G V Scheme Road, Gynashwar Darshan, Mulund East, Mumbai - 400081, Maharashtra, India

Date of Birth/Age :

18.08.1982

Date of Appointment :

17.07.2006

PAN No.:

ABWPT8992R

DIN No.:

02241587

MAJOR SHAREHOLDERS

Allotees Details file Attached. (As on 10.04.2013)

As on 28.09.2012

Names of Shareholders	No. of Shares
Harshad Hirji Thakkar	455922
Darshana Thakkar	5160
Rupal Rl Thakkar	18000
Veenaben S. Thakkar	6600
Surji Govindii Thakkar	60
Hitesh Subhash Punjani	60
Dinesh C. Sodha	45000
Rasiklal Liladhar Thakkar	60
Total	530862

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Directors or relatives of Directors	95.33
Other	4.67
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of all kinds of Garments.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Punjab National Bank, MID Corporate Branch, Brady House, V.N. Road, Fort, Mumbai – 400023, Maharashtra, India
• Bank of Baroda

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Punjab National Bank – Term Loan (Secured against Factory Premises, Plant and Machinery and personally guaranted by Directors)	0.000	8.815
Punjab National Bank – Car Loan (Secured against Motor car and personally gauranted by Director.)	2.271	0.301
Punjab National Bank - Term Loan (Secured against Plant And Machinery and personally guaranteed by Directors)		0.238
Punjab National Bank – CC Account	0.000	167.736
Punjab National Bank – Packing Credit Loan (Secured against Stock and Book Debts and Personally gauranted by directors.)	0.000	4.990
Bank of Baroda – CC Account (Secured against Stock and Book Debts. Equitable mortgage of Factory premises, Residential Premises of Directors, Office Premises, Plant and Machinery and Personally gauranted by directors.)	301.021	0.000
Total	303.292	182.080

Banking Relations :	-
Auditors :
Name :	J D N G and Associates Chartered Accountants
Address :	F -30/31, Dreams The Mall, LBS Marg, Near Bhandup Station, Bhandup - (West), Mumbai - 400 078, Maharashtra, India
Tel. No.:	91-22-2166 0400 / 0391
E-Mail :	tax@jdng.co.in cajdng@gmail.com
PAN No.:	AAIFN7762J
Associates :	Momai Apparels Private Limited CIN No. : U18109MH2010PTC199178 PAN No. : AAHCM7564R Shree Shiv Lingeries Private Limited CIN No. : U18204MH2010PTC211237 Jehaan Clothing PAN No. : ANUPP2943G Momai Apparels

CAPITAL STRUCTURE

After 28.09.2012

Authorised Capital: Rs. 230.000 Millions

Issued, Subscribed & Paid-up Capital: 194.672 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.100/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
530862	Equity Shares	Rs.100/- each	Rs. 53.086 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		53.086	3.103	1.701
2] Share Application Money		0.000	0.000	0.006
3] Reserves & Surplus		56.754	69.935	23.806
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		109.840	73.038	25.513
LOAN FUNDS
1] Secured Loans		303.292	182.080	84.850
2] Unsecured Loans		40.563	2.200	0.855
TOTAL BORROWING		343.855	184.280	85.705
DEFERRED TAX LIABILITIES		0.538	0.036	0.000
TOTAL		454.233	257.354	111.218
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51.954	27.171	19.730
Capital work-in-progress		0.000	0.604	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	342.873	103.230	58.258
	Sundry Debtors	163.067	196.637	66.962
	Cash & Bank Balances	0.978	6.528	0.372
	Other Current Assets	17.157	8.299	0
	Loans & Advances	3.020	3.248	5.589
Total Current Assets		527.095	317.942	131.181
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	74.947	61.003	31.268
	Other Current Liabilities	20.312	15.910	4.886
	Provisions	29.557	11.450	3.650
Total Current Liabilities		124.816	88.363	39.804
Net Current Assets		402.279	229.579	91.377
MISCELLANEOUS EXPENSES		0.000	0.000	0.111
TOTAL		454.233	257.354	111.218

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1014.674	505.138
		Other Income	3.535	2.865
		TOTAL (A)	1018.209	508.003	245.351
Less	EXPENSES
		Cost of materials consumed	953.263	432.733
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(85.066)	(13.568)
		Employee benefit expense	7.784	5.893
		Other expenses	45.868	37.749
		TOTAL (B)	921.849	462.807	238.717
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		96.360	45.196	6.634
Less	FINANCIAL EXPENSES (D)		39.393	20.409	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		56.967	24.787	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.647	3.063	NA
	PROFIT BEFORE TAX (E-F) (G)		52.320	21.724	6.634
Less	TAX (H)		18.178	7.750	2.413
	PROFIT AFTER TAX (G-H) (I)		34.142	13.974	4.221
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.449	7.475	3.254
	BALANCE CARRIED TO THE B/S		55.591	21.449	7.475
	EARNINGS IN FOREIGN CURRENCY (F.B.O. Value of Export Sales)		39.621	29.853	NA
	Earnings Per Share (Rs.)		64.32	450.42	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.35	2.75	1.72
Net Profit Margin (PBT/Sales)	(%)	5.16	4.30	NA
Return on Total Assets (PBT/Total Assets}	(%)	9.93	6.83	5.06
Return on Investment (ROI) (PBT/Networth)		0.47	0.30	0.26
Debt Equity Ratio (Total Debt /Networth)		3.13	2.52	3.36
Current Ratio (Current Asset/Current Liability)		4.22	5.60	3.30

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Other Loans and Advances from others	40.563	2.200
Total	40.563	2.200

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17299MH2006PLC163133
Name of the company	ASHAPURA INTIMATES FASHION LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No 3-4, Pacific Plaza, Plot No. 570, Masjid Gali, Off Bhavani Shankar Road, Dadar (West), Mumbai – 400028, Maharashtra, India
This form is for	Creation of charge
Charge identification (ID) number of the charge to be modified	10075888
Type of charge	Immovable property Any interest in immovable property
Particular of charge holder	FULLERTON INDIA CREDIT COMPANY LIMITED, Megh Towers, Third Floor, Old No-307, New No-165, Poonamallee High Road, Maduravoyal,, Chennai - 600095, Tamilnadu, India secretarial@fullertonindia.com
Nature of instrument creating charge	1) Memorandum of the Deposit of Title Deeds dated 16.01.2013 2) Loan Agreement dated 20.12.2012 3) Facility letter dated 10.12.2012
Date of instrument Creating the charge	16.01.2013
Amount secured by the charge	Rs. 54.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Facility 1 and 2: Floating interest - Fullerton Benchmark Prime Lending Rate (17.25%) - spread (4%) = 13.25% p.a. Terms of Repayment Facility 1: Principal amount together with applicable interest in 144 equated monthly installments. Facility 2: Principal amount together with applicable interest in 48 equated monthly installments. The due date for payment of the monthly installments shall be 5th day of each calendar month. Margin 8 percent Extent and operation of the charge Security created by way of equitable mortgage on immovable properties more particularly described in Schedule A of the Memorandum of Deposit of Title Deeds for Facility 1- Rs. 35.000 Millions and Facility 2- Rs. 19.000 Millions.
Date of instrument modifying the charge	05.04.2013
Short particulars of the property or asset(s) charged (including complete address and location of the property)	i) Unit No 301 Admeasuring 304 Sq.Ft., 3rd Floor, Pacific Plaza, Plot No 570, T.P.S IV, Mahim Division, Lower Parel, Mumbai ii) Unit No 302 Admeasuring 305 Sq.Ft., 3rd Floor, Pacific Plaza, Plot No 570, T.P.S IV, Mahim Division, Lower Parel, Mumbai iii) Unit No 303 Admeasuring 305 Sq.Ft., 3rd Floor, Pacific Plaza, Plot No 570, T.P.S IV, Mahim Division, Lower Parel, Mumbai iv) Unit No 304 Admeasuring 478 Sq.Ft., 3rd Floor, Pacific Plaza, Plot No 570, T.P.S IV, Mahim Division, Lower Parel, Mumbai

FIXED ASSETS:

• Factory Premises
• Office Premises
• Plant and Machinery
• Factory Equipment
• Electrical Fitting
• Office Equipments
• Furniture and Fixtures
• Computer and Printer
• Motor Car
• Garment Rack

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 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. 56.10
UK Pound	1	Rs. 85.13
Euro	1	Rs. 72.80

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.