MIRA INFORM REPORT

Report Date :

22.05.2014

IDENTIFICATION DETAILS

Name :	MANISH FASHIONWORLD PRIVATE LIMITED
Registered Office :	Paridhan, Garment Park, SDF-11, Module No. B-303 and 304, Next Leather Collage, 19, Canal (S) Road, Chingrihata, Kolkata – 700015, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.11.2006
Com. Reg. No.:	21-111881
Capital Investment / Paid-up Capital :	Rs.27.630 Millions
CIN No.: [Company Identification No.]	U18101WB2006PTC111881
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Readymade Garments.
No. of Employees :	Information denied by management

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company possesses on acceptable financial profile marked by adequate networth base along with working capital intensive nature of the business resulting in huge dependence on external borrowings. Management has reported a decent sales turnover as well as net profitability during FY 2013. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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.

INFORMATION DENIED BY

Name :	Mr. Kumar
Designation :	Finance Executive
Contact No.:	91-8697733575
Date :	20.05.2014

LOCATIONS

Registered Office :	Paridhan, Garment Park, SDF-11, Module No. B-303 and 304, Next Leather Collage, 19, Canal (S) Road, Chingrihata, Kolkata – 700015, West Bengal, India
Tel. No.:	91-33-22261126 / 22377735
Mobile No.:	91-8697733575 (Mr. Kumar)
Fax No.:	91-33-22174816
E-Mail :	info@jmpassociates.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Manish Kumar Rajpuria

Designation :

Director

Address :

29 A Ballygange Circular Road, Flat 3 A, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

13.09.1972

Date of Appointment :

22.11.2006

DIN No.:

00603184

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	U18101WB2002PTC094652	ETHNIC CREATIONS PRIVATE LIMITED	Director	17/05/2002	17/05/2002	-	Active	NO
2	U18101WB2006PTC111881	MANISH FASHIONWORLD PRIVATE LIMITED	Director	22/11/2006	22/11/2006	-	Active	NO
3	U51909WB2009PTC136858	PUSHPAK DEALER PRIVATE LIMITED	Director	31/03/2010	31/03/2010	-	Active	NO

Name :

Mr. Pratikh Rajpuria

Designation :

Director

Address :

29 A Ballygange Circular Road, Flat 3 A, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

22.05.1974

Date of Appointment :

22.11.2006

DIN No.:

01326452

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	U18101WB2002PTC094652	ETHNIC CREATIONS PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
2	U18101WB2006PTC111881	MANISH FASHIONWORLD PRIVATE LIMITED	Director	22/11/2006	22/11/2006	-	Active	NO
3	U51909WB2009PTC136858	PUSHPAK DEALER PRIVATE LIMITED	Director	31/03/2010	31/03/2010	-	Active	NO

Name :

Mr. Ram Awatar Rajpuria

Designation :

Director

Address :

29 A Ballygange Circular Road, Flat 3 A, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

21.08.1950

Date of Appointment :

20.10.2008

DIN No.:

02397210

KEY EXECUTIVE

Name :	Mr. Kumar
Designation :	Finance Executive

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Manish Kumar Rajpuria	496880
Chaitali Rajpuria	270000
Pratikh Rajpuria	215000
Manish Rajpuria (HUF)	197900
Pushpak Dealer Private Limited, India	176500
Pratikh Rajpuria(HUF)	100000
Ram Avatar Rajpuria	100000
Justify Distributors Private Limited, India	390000
Kailashpati Merchandise Private Limited, India	455000
Anandmayee Distributors Private Limited, India	17000
Anubhuti Sales Private Limited, India	8000
Bhagwati Devi Rajpuria	10000
Dhanvirdhi Commotrade Private Limited, India	20000
Ekta Rajpuria	46750
Greenfield Tradelink Private Limited, India	29000
Jaimatadi Vinimay Private Limited, India	21000
Kamalpushap Vinimay Private Limited, India	41000
Kamlesh Trade and Agency Private Limited, India	33000
Kingfisher Sales Private Limited, India	37000
Lokesh Advisory Private Limited, India	40000
Primesoft Dealer Private Limited, India	10000
Rudra Goods Private Limited, India	28000
Softlink Distributors Private Limited, India	21000
Total	2763030

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	48.01
Directors or relatives of Directors	51.99
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Readymade Garments.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· ING Vysya Bank Limited, P - 182, Ground Floor, Cit Road, Scheme IV (M), Kakurgachi, Kolkata - 700054, West Bengal, India

· Indian Overseas Bank, International Business Branch, 2 Wood Street, Kolkata – 700016, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans repayable on demand	54.851	30.407
Total	54.851	30.407

Notes: Working capital Loans are secured by hypothecation of present and future stock of raw materials, stock-in-process, finished goods, book debts, bills receivables, materials in transit etc. and personal guarantor of directors.

Banking Relations :	--
Auditors :
Name :	JMP Associates Chartered Accountants
Address :	6 A Raja Subodh Mullick Square, Arya Mansion, Room No S-206, Kolkata – 700013, West Bengal, India
Tel. No.:	91-33-32596487 / 22377735
PAN No.:	AACFJ8764E

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3600000	Equity Shares	Rs.10/- each	Rs.36.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2763030	Equity Shares	Rs.10/- each	Rs.27.630 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	27.630	19.180	19.030
(b) Reserves & Surplus	91.367	60.984	54.733
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	118.997	80.164	73.763
(3) Non-Current Liabilities
(a) long-term borrowings	3.398	0.300	1.421
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.450	0.000	0.920
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3.848	0.300	2.341
(4) Current Liabilities
(a) Short term borrowings	54.851	30.407	37.296
(b) Trade payables	28.345	17.532	16.440
(c) Other current liabilities	2.071	2.307	4.784
(d) Short-term provisions	2.361	2.463	4.292
Total Current Liabilities (4)	87.628	52.709	62.812
TOTAL	210.473	133.173	138.916
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	28.619	24.126	25.794
(ii) Intangible Assets	0.536	0.002	0.002
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.701	0.744	0.621
(d) Long-term Loan and Advances	3.741	1.157	0.835
(e) Other Non-current assets	15.068	0.013	11.797
Total Non-Current Assets	48.665	26.042	39.049
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	81.554	25.209	38.826
(c) Trade receivables	70.045	71.572	50.925
(d) Cash and cash equivalents	0.775	1.498	1.144
(e) Short-term loans and advances	9.413	8.841	8.962
(f) Other current assets	0.021	0.011	0.010
Total Current Assets	161.808	107.131	99.867
TOTAL	210.473	133.173	138.916

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	176.725	172.578
		Other Income	NA	NA
		TOTAL	NA	NA
	EXPENSES		NA	NA
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		15.617	15.590
Less	FINANCIAL EXPENSES		4.589	4.810
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		11.028	10.781
Less	DEPRECIATION/ AMORTISATION		3.611	3.550
	PROFIT/(LOSS) BEFORE TAX		7.417	7.230
Less	TAX		2.383	2.329
	PROFIT/(LOSS) AFTER TAX		5.034	4.901
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.611	11.710
	BALANCE CARRIED TO THE B/S		21.645	16.611
	Earnings Per Share (Rs.)		1.82	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	4.20	4.19	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.54	5.46	NA
Return on Investment (ROI) (PBT/Networth)		0.06	0.09	NA
Debt Equity Ratio (Total Debt /Networth)		0.49	0.38	0.52
Current Ratio (Current Asset/Current Liability)		1.85	2.03	1.59

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	19.030	19.180	27.630
Reserves & Surplus	54.733	60.984	91.367
Net worth	73.763	80.164	118.997
long-term borrowings	1.421	0.300	3.398
Short term borrowings	37.296	30.407	54.851
Total borrowings	38.717	30.707	58.249
Debt/Equity ratio	0.525	0.383	0.489

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Sales	172.578	176.725
		2.403

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Sales	172.578	176.725
Profit	4.901	5.034
	2.84%	2.85%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last two 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	No
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	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Deposits	3.398	0.100
Loans and advances from related parties	0.000	0.200
Total	3.398	0.300

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10316231	12/12/2013 *	122,333,000.00	ING VYSYA BANK LIMITED	P - 182, Ground Floor, Cit Road, Scheme Iv (M), Kakurgachi, Kolkata, West Bengal - 700054, India	B95011706

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.58.75
UK Pound	1	Rs.98.77
Euro	1	Rs.80.53

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
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	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--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
--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.