MIRA INFORM REPORT

Report Date :

06.12.2011

IDENTIFICATION DETAILS

Name :	EXCELSIOR LEATHERS PRIVATE LIMITED
Registered Office :	S-3 and S-4, Kasba Industrial Estate, Phase - I, Kolkata – 700 107, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.11.1989
Com. Reg. No.:	21-047905
Capital Investment / Paid-up Capital :	Rs.5.198 millions
CIN No.: [Company Identification No.]	U51216WB1989PTC047905
TAN No.: [Tax Deduction & Collection Account No.]	CALE01101C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Leather Footwear.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 280000
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 and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Profit and loss account of the company for the current year is not available.

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 :	S-3 and S-4, Kasba Industrial Estate, Phase - I, Kolkata – 700 107, West Bengal, India
Tel. No.:	91-33-24420753/ 2120/ 24433101/ 24422120
Fax No.:	91-33-24427318
E-Mail :	info@excelsiorleathers.com
Website :	http://www.excelsiorleathers.com (under construction)

DIRECTORS

As on 30.09.2011

Name :

Mr. Sanjay Choudhury

Designation :

Director

Address :

21, Ballygunge Park Road, 301, Rajat Gardens, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

02.10.1962

Date of Appointment :

23.11.1989

Election Commission Identity Card No.

MFN2442622

DIN No.:

00484993

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51216WB1989PTC047905	Excelsior Leathers Private Limited	Director	23-11-89	23-11-89	-	Active	NO
2	U51909WB1995PTC075059	Supreme Commercial Private Limited	Director	24-10-95	24-10-95	09-06-07	Active	NO
3	U51505WB1994PTC064522	Radhika Niryat Private Limited	Director	01-08-01	01-08-01	-	Amalgamated	NO
4	U51909WB1995PTC073584	Century Vyapaar Private Limited	Director	17-11-06	17-11-06	-	Active	NO

Name :

Krishna Devi Choudhary

Designation :

Director

Address :

21, Ballygunge Park Road, 301, Rajat Gardens, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

07.11.1930

Date of Appointment :

23.11.1989

Election Commission Identity Card No.

MFN2442614

DIN No.:

00758585

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2011

Names of Shareholders	No. of Shares
Sanjay Choudhary	19250
Hargovind Prasad Choudhary	420
Krishna Devi Choudhary	1320
Rekha Choudhary	6340
Tassie Impex	100
Century Vyapaar Private Limited	24550
Total	51980

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	43.44
Other top fifty shareholders	56.56
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Leather Footwear.

Products :

Item Code No. (ITC Code)	640391.02
Product Description	Leather Footwear

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Leather Footwear :
own production	Pairs	252,585

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Bank of Baroda, International Business Branch, 4, India Exchange Place, Kolkata - 700 001, West Bengal, India

v HDFC Bank Limited

v State Bank of India (Airport Branch)

v State Bank of India (Mumbai)

v United Bank of India (Kolkata)

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From BANK OF BARODA (IBB)
Against Packing Credit	0.000	4.625
From BANK OF BARODA (SSI)
Against Cash Credit A/c	13.119	0.000
Total	13.119	4.625

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Other's	34.397	11.057
Total	34.397	11.057

Banking Relations :	--
Auditors :
Name :	Saraf Jalan and Company Chartered Accountants
Address :	24, R.N. Mukerjee Road, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22480268, 22484564, 22486667
Fax No.:	91-33-22133571
E-Mail :	kr12@vsnl.net
Income-tax PAN of auditor or auditor's firm :	AAUFS9996B

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
55000	Equity Shares	Rs.100/- each	Rs.5.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
51980	Equity Shares	Rs.100/- each	Rs.5.198 millions

(Out of the above Shares, 11,290 Equity Shares have been issued as Fully Paid-up Bonus Shares by way of Capitalisation partly out of General Reserve and partly out of Credit Balance in P/L A/c.)

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		5.198	5.198	5.198
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		64.774	62.837	61.434
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		69.972	68.035	66.632
LOAN FUNDS
1] Secured Loans		13.119	4.625	0.000
2] Unsecured Loans		34.397	11.057	4.901
TOTAL BORROWING		47.516	15.682	4.901
ADVANCE FROM OTHERS		0.000	0.670	0.430
DEFERRED TAX LIABILITIES		0.129	0.049	0.136
TOTAL		117.617	84.436	72.099
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.674	8.071	6.176
Capital work-in-progress		15.937	12.418	6.739
INVESTMENT		15.580	15.666	7.728
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	33.966	37.453	7.225
	Sundry Debtors	40.335	37.072	18.472
	Cash & Bank Balances	7.031	0.542	12.425
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	28.455	27.100	27.458
Total Current Assets		109.787	102.167	65.580
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.905	48.367	10.126
	Other Current Liabilities	1.094	3.275	1.514
	Provisions	2.362	2.244	2.484
Total Current Liabilities		33.361	53.886	14.124
Net Current Assets		76.426	48.281	51.456
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		117.617	84.436	72.099

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	113.777	82.904
		Other Income	NA	8.698	7.976
		TOTAL (A)	NA	122.475	90.880
Less	EXPENSES
		Increase/ Decrease in Stock	NA	(12.105)	5.927
		Manufacturing Expenses		114.770	69.539
		Freight, Packing and Forwarding		0.664	1.353
		Payment to & Provision for Employee’s		3.492	2.251
		Commission on Export Sales		1.076	0.838
		Other Expenses		10.723	7.819
		TOTAL (B)	NA	118.620	87.727
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	3.855	3.153
Less	INTEREST (D)		NA	0.940	0.099
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	2.915	3.054
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	0.680	0.423
	PROFIT BEFORE TAX (E-F) (G)		NA	2.235	2.631
Less	TAX (H)		NA	0.604	0.773
	PROFIT AFTER TAX (G-H) (I)		NA	1.631	1.858
	I. Tax adjustment for earlier years		NA	(0.228)	--
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	6.451	4.593
	BALANCE CARRIED TO THE B/S		NA	7.854	6.451
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	104.680	74.778	74.864
	TOTAL EARNINGS		104.680	74.778	74.864
	CIF Value of Import		414,337	--	NA
	Earnings Per Share (Rs.)		NA	31.38	35.74

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	1.33	2.04
Net Profit Margin (PBT/Sales)	(%)	NA	1.96	3.17
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.03	3.67
Return on Investment (ROI) (PBT/Networth)		NA	0.03	0.04
Debt Equity Ratio (Total Liability/Networth)		1.16	1.02	0.29
Current Ratio (Current Asset/Current Liability)		3.29	1.90	4.64

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from S-9, Kasba Industrial Estate, Phase - I, Kolkata – 700 178, West Bengal to the present address w.e.f. 24.11.2009.

FORM 8:

Corporate identity number of the company	U51216WB1989PTC047905
Name of the company	EXCELSIOR LEATHERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S-3 and S-4, Kasba Industrial Estate, Phase - I, Kolkata – 700 107, West Bengal, India E-Mail: info@excelsiorleathers.com
This form is for	Modification of charge
Charge identification number of the modified	90253388
Type of charge	Book Debts Movable Property Floating Charge Other (Stock, Plant and Machinery and Current and Fixed assets)
Particular of charge holder	Bank of Baroda, International Business Branch, 4, India Exchange Place, Kolkata - 700 001, West Bengal, India E-Mail: intcal@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Supplemental Composite Instrument of Hypothecation of Goods, Book-debts, Movable Machinery and Vehicles
Date of instrument Creating the charge	06.04.2010
Amount secured by the charge	Rs.28.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest and other charges will be paid as per terms and conditions of Sanction Letter. Presently for CC- 0.75% below BPLR i.e.11.25% p.a.w.m.r, however the same is subject to change from time to time. Terms of Repayment: The working capital limit [Rs.4.000 millions by way of PC, Rs.9.000 millions by way of CC and Rs.15.000 millions as FBP/ FBD] is payable on demand. Margin: The borrower shall maintain appropriate margin as stipulated in the sanction terms, however the same is subject to change from time to time. Presently the applicable margin is PC:- 25% on Stock CC:- 25% on Stock and book-debts Extent and Operation of the charge: The security created under said Agreement shall operate by way of First Charge and as continuing security. The charged assets property be kept at the Company risk and expense in good condition and fully insured against loss or damage by fire, lighting or explosion or theft and also against loss or damage by riot and civil commotion etc. as may be required by the Bank in the joint names of the Bank and the Company. Others: The Company hereby declares that all the charged property now existing are absolute property of and at the sole disposal of the Company and free from any prior charge or encumbrance and undertakes that all future property shall like wise be the unencumbered and absolute and disposable property of the Company. Other terms and conditions are as per terms and conditions of above referred Agreement and Sanction Letter of the bank.
Short particulars of the property charged	The borrower hypothecates and charges by way of 1^st charge a) all stocks of RM, WIP, FG, packing material and stores and spares now being and lying in the Borrower's Factory or any where else b) all book-debts, outstanding moneys, receivables, claims, bills, contracts, engagements and securities etc and other Current Assets c) all tangible movable plant and machinery, furniture, fixtures, tools , vehicles etc together with spares, tools and accessories and other fixed assets
Particulars of the present modification	By present modification the overall limit secured by charge has been enhanced from Rs.19.000 millions to Rs.28.000 millions. The revised credit facilities are as follows:- PC-Rs.4.000 millions, CC- Rs.9.000 millions and FBP/FBD - Rs.15.000 millions. Other terms and conditions save as modified above remain unchanged.

FIXED ASSETS:

v Land and Shed

v Building

v Plant and Machinery

v Last and Dies

v Furniture and Fixture / Fax

v Computer and Accessories

v Generator Set

v Tubewell

v Electrical Installation

v Air Conditioner

v Water Cooler

v Motor Car

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.51.39
UK Pound	1	Rs.80.20
Euro	1	Rs.68.92

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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.