MIRA INFORM REPORT

Report Date :

03.12.2011

IDENTIFICATION DETAILS

Name :	SUPER SOLES PRIVATE LIMITED
Registered Office :	C – 72, Kamla Nagar, Agra – 282006, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.02.1993
Com. Reg. No.:	20-015143
Capital Investment / Paid-up Capital :	Rs.4.980 Millions
CIN No.: [Company Identification No.]	U19129UP1993PTC015143
TAN No.: [Tax Deduction & Collection Account No.]	AGRS12017F AGRS10204F
PAN No.: [Permanent Account No.]	AAFCS3016A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of PP, TPR, Sole Moulding Machines, etc.
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 67000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal 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 – 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 :	C – 72, Kamla Nagar, Agra – 282006, Uttar Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rakeshca_agra@rediffmail.com info@supersolesindia.com carakesh@rediffmail.com
Website :	www.supersoleindia.net
Factory :	32/1/12, Takia Lal Maszid Bye Pass Road, Agra – 282004, Uttar Pradesh, India
Tel. No.:	91-562-2541549/ 550/ 551
Fax No.:	91-562-2541549
E-Mail :	ruchir@supersolesindia.com

DIRECTORS

As on 30.09.2011

Name :	Mr. Dilip Kumar Mittal
Designation :	Director
Address :	H.I.G Flats, Sanjay Place, Agra, Uttar Pradesh, India
Date of Birth/Age :	21.07.1953
Date of Appointment :	24.02.1993
DIN No.:	00251906
Name :	Mrs. Neena Bansal
Designation :	Director
Address :	C – 72, Kamla Nagar, Agra, Uttar Pradesh, India
Date of Appointment :	24.02.1993
DIN No.:	00251927
Name :	Mr. Vipin Bansal
Designation :	Director
Address :	C – 72, Kamla Nagar, Agra, Uttar Pradesh, India
Date of Birth/Age :	15.05.1952
Date of Appointment :	24.12.1993
DIN No.:	00251940
Name :	Mrs. Shagun Mittal
Designation :	Director
Address :	H.I.G Flats, Sanjay Place, Agra, Uttar Pradesh, India
Date of Appointment :	24.02.1993
DIN No.:	00251949

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Dilip Mittal	20500
Neena Bansal	40500
Rachit Bansal	25500
Ruchir Bansal	75500
Sagun Mittal	500
Vipin Bansal	335500
Total	498000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of PP, TPR, Sole Moulding Machines, etc.
Products :	· PVC Soles · Rubber Soles · PP · TPR · Sole Moulding Machines

GENERAL INFORMATION

Suppliers :

· Camio International, Kanpur

· Sharad Leather Private Limited, Kanpur

· Crew Bos Products Limited Udyog Vihar, Gurgaon

· Crew Mag Exports Limited, Chennai

· Crew Ror Product Limited, Chennai

· Diamond Footwear Udyog (P) Ltd, New Delhi

· Diamond Products Limited, New Delhi

· Drish Shoes Limited, Panchkula

· Aerol Formulations Private Limited, Bahadurgarh

· Anamika Trade Links Private Limited, Ghaziabad

· Astormueller Shoes Private Limited

· Atmaram Enterprises, Agra

· Atmaram Technowelts, Agra

· Avon Elastomers India, Agra

· Chhabra Rubber Trading Company, Agra

· Classic Corrugators, Agra

· Coxx Borba Calcado S.A., Portugal

· DOW Chemical International Private Limited, Ghaziabad

· First Flight Couriers Limited, Agra

· Hi Power Enterprises, Delhi

· Huntsman International (India) Private Limited, Faridabad

· Huntsman International (India) Private Limited, Ghaziabad

· Jairamdas and Sons, Agra

· Jakson Enterprises, Agra

· Jinendra Sales Corporation, Agra

· K.B. Polychem(India) Private Limited(Unit-1)

· Kenda Farben India Private Limited, Noida

· K.L.J. Polymers and Chemicals Limited,Silvassa

· K.R. Fabricators, Agra

· L R Moulds Private Limited, Kanpur

Customers :

· Varun Exports, Agra

· AKI India (Private) Limited, Kanpur

· Anam Exports, Kanpur

· ARS Exports, Kanpur

· Calico Trends, Unnao

· Creative Leather Fashion, Hyderabad

· Euro Footwear Limited, Unnao

· Euro India Exports, Kanpur

· Global Exports (Shoe Div), Kanpur

· I.A. Leather (India) Private Limited, Kanpur

· K.G. Footwear Exports (Private) Limited, Panki

· Mehra Shoes, Kanpur

· Morsh International, Kanpur

· Parvez Shoes, Kanpur

· Prachi Leather (Private) Limited Unit-II, Kanpur

· Rohit Surfactants Private Limited, Banther

· Rohit Surfactants Private Limited, Dada Nagar

· Rohit Surfactants Private Limited, Haridwar

· Rojus Footwear, Kanpur

· Ruksh International, Kanpur

· Sadaf Enterprises, Kanpur

· Silver Line Fashion, Kanpur

· Sparkle Exports, Kanpur

· Super House Leather Limited, Unnao

· Super Tannery Limited, Unnao

· Suri Shoes (P) Limited, Kanpur

· Tata International Limited, Dewas

· Tread Stone Limited, Kanpur

· Waki Export, Kanpur

· Alba TK, Noida

· A.S. Footwear, Noida

· Bharat Expo International, Gurgaon

· Bhartiya International Limited, Chennai

· Bose Creations Exports, Noida

· Carlton Overseas (Private) Limited, Gurgaon

· Catwalk Worldwide Private Limited, Mumbai

· Chopra International Sourcing, Gurgaon

· C.M. Atheequr Rehman and Company, Vellore

· Core Fashion, Dehradoon

· Crew Bos Product Limited-Slipper

· Crew Bos Products Limited, Sampling

No. of Employees :

In Factory 75 (Approximately)

Bankers :

Bank of India, SSI Branch, Sanjay Place, Agra – 282002, Uttar Pradesh, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Secured Loan from Bank (Bank of India Against Hypothecation of stock, Machinery and Book debts)	17.188	18.968
Total	17.188	18.968
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors/ Shareholders	23.400	19.396
Total	23.400	19.396

Banking Relations :	--
Auditors :
Name :	Agarwal Singhal and Company Chartered Accountants
Address :	6/229, Bheron Park, Belanganj, Agra – 282003, Uttar Pradesh, India
PAN.:	AACFA5440L

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
498000	Equity Shares	Rs.10/- each	Rs.4.980 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		4.980	4.980	4.980
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11.861	8.145	6.409
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.841	13.125	11.389
LOAN FUNDS
1] Secured Loans		17.188	18.968	25.614
2] Unsecured Loans		23.400	19.396	12.149
TOTAL BORROWING		40.588	38.364	37.763
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		57.429	51.489	49.152
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.772	26.080	22.873
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.007	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.037	9.394	5.676
	Sundry Debtors	39.599	22.664	26.739
	Cash & Bank Balances	0.095	0.570	0.244
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.006	6.749	5.705
Total Current Assets		66.737	39.377	38.364
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.840	12.418	10.399
	Other Current Liabilities	2.267	1.575	1.716
	Provisions
Total Current Liabilities		34.107	13.993	12.115
Net Current Assets		32.630	25.384	26.249
MISCELLANEOUS EXPENSES		0.020	0.025	0.030
TOTAL		57.429	51.489	49.152

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	110.078	110.971	101.086
		Job Work Charges Received	0.215	0.715	2.023
		Other Income	0.509	0.112	0.024
		TOTAL (A)	110.802	111.798	103.133
Less	EXPENSES
		Increase/ Decrease in Finished Stock	0.114	(1.299)	(0.809)
		Consumption of Raw Material	78.879	84.986	80.223
		Manufacturing and Operational	10.587	8.413	7.536
		Administrational and Others	6.918	6.873	5.313
		Selling and Distributional	1.224	1.160	0.751
		Preliminary Expenses W/OFF	0.005	0.005	0.005
		TOTAL (B)	97.727	100.138	93.019
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.075	11.660	10.114
					3.816
Less	FINANCIAL EXPENSES (D)		5.651	4.313
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.424	7.347	6.298
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.750	4.706	3.601
	PROFIT BEFORE TAX (E-F) (G)		2.674	2.641	2.697
Less	TAX (H)		1.135	0.906	1.619
	PROFIT AFTER TAX (G-H) (I)		1.539	1.735	1.078
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.445	3.710	2.632
	BALANCE CARRIED TO THE B/S		6.984	5.445	3.710
	Earnings Per Share (Rs.)		3.09	3.48	21.65

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.38	1.55	1.05
Net Profit Margin (PBT/Sales)	(%)	2.42	2.37	2.61
Return on Total Assets (PBT/Total Assets}	(%)	2.92	4.03	4.40
Return on Investment (ROI) (PBT/Networth)		0.15	0.20	0.24
Debt Equity Ratio (Total Liability/Networth)		4.43	3.98	4.38
Current Ratio (Current Asset/Current Liability)		1.95	2.81	3.17

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE

There has been a net profit of Rs.2.641 Millions after providing depreciation of Rs.4.706 Millions. As such there have a operating profit of Rs.7.350 Millions. The results of the company are positive.

FORM 8

Corporate identity number of the company	U19129UP1993PTC015143
Name of the company	SUPER SOLES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-72, Kamla Nagar, Agra, Uttar Pradesh, India Email Id : rakeshca_agra@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90279963
Type of charge	Movable property (not being pledge) Floating charge Stock of all kinds
Particular of charge holder	Bank of India, SSI Branch, Sanjay Place, Agra – 282002, Uttar Pradesh, India Email Id : neeraj.tankha@bankofindia.co.in
Nature of instrument creating charge	Aupplemental Agreement of hypothecation of stocks (l-481) dated 07/04/2011 D.P. Note
Date of instrument Creating the charge	07.04.2011
Amount secured by the charge	Rs.8.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3.25% over BR presentaly 12.75% p.a. with monthly rest Terms of repayment Working capital- repayable on demand Margin 25% Extent and operation of the charge Sole first and exclusive charge of the bank The Company's Properties as mentioned hereunder are hypothecated to secure cash credit (stocks) limit of Rs.0.850 millions granted by the bank to the borrower
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All tangible movable assets of the borrower including in particulars all stocks of raw material such as PVC granules, chemicals, solutions etc. finished/semi-finished stocks of PV soles, TPR soles PO soles, moulds etc. situated at borrower's factory at Agra and/or at their godowns and/or wherever situate and/or in transit
Date of instrument modifying the charge	13.03.2008
Particulars of the present modification	Cash Credit (stocks) limit has been enhanced from Rs.6.000 Millions to Rs.8.500 Millions by sanction of additional limit of Rs.2.500 Millions. Therefore, total amount of charge secured against hypothecation of stocks etc

FIXED ASSETS

· Electric Installation

· Car

· Furniture and Fixtures

· Machinery

· Scooter

· Jet Pump

· Chilling Plant

· Telephone Sets

· Fire Extinguishers

· Air Conditioner

· Computer

· Generator

· Fax Machine

· Moulds

· Moulds not put to use

· Intercom

· Water Cooler

· Tools and Implements

· Plastic Crates

· Cooler

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.51.35
UK Pound	1	Rs.80.51
Euro	1	Rs.69.14

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.