MIRA INFORM REPORT

Report Date :

13.10.2011

IDENTIFICATION DETAILS

Name :	CONDOR FOOTWEAR (INDIA) LIMITED
Registered Office :	A-1 3503 3504 Sachin GIDC Sachin, Surat – 395008, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.11.1995
Com. Reg. No.:	04-028221
Capital Investment / Paid-up Capital :	Rs.25.003 Millions
CIN No.: [Company Identification No.]	U19129GJ1995PLC028221
TAN No.: [Tax Deduction & Collection Account No.]	SRTC00721A
PAN No.: [Permanent Account No.]	AAACC7540N
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturer and Exporter of Foot Wear
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1100000
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.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Rakesh
Designation :	Director
Contact No.:	91-9377552000
Date :	11.10.2011

LOCATIONS

Registered Office / Factory :	A-1 3503 3504 Sachin GIDC Sachin, Surat – 395008, Gujarat, India
Tel. No.:	91-261-3088700
Mobile No.:	91-9377552000 (Mr. Rakesh)
Fax No.:	91-261-3088727
E-Mail :	rakeshadnani@condorinblu.com condorfootwearindia@drdcs.net
Website :	http://www.condorblu.com
Location :	Owned

DIRECTORS

As on : 30.09.2010

Name :

Mr. Rakesh Bhagwandas Adnani

Designation :

Whole Time Director

Address :

Israil Apartment, Parel Point, Surat, Gujarat, India

Date of Appointment :

03.08.1998

Din No.:

00164785

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA ) LIMITED	Whole-time director	01-04-10	03-08-98	Active	NO
U45309GJ2008PTC053853	AF HOLDINGS PRIVATE LIMITED	Director	03-06-08	03-06-08	Active	NO

Name :

Mr. Jaikishan Adnani Sugnomal

Designation :

Whole Time Director

Address :

103/104, Shubham Apartment, Athwalimes, Surat, Gujarat, India

Date of Appointment :

24.11.1995

Din No.:

00164890

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
U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA ) LIMITED	Whole-time director	01-05-09	24-11-95	-	Active	NO
U19200GJ1999PTC036805	CHIRAG FOOTCARE PRIVATE LIMITED	Director	03-07-01	03-07-01	28-08-08	Active	NO
U19201GJ2005PTC051287	CONDOR FOOTWEAR (U.P.) PRIVATE LIMITED	Director	09-10-10	06-10-05	-	Active	NO
U19100GJ2006PTC048042	AERO WALK INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	10-04-10	10-04-10	09-08-10	Active	NO

Name :

Mr. Virginio Abbondio Fidanza

Designation :

Director

Address :

Via Lonbardia 16-25028, Verdlanuava – B, 9-Verolanuova, B S, Italy

Date of Appointment :

17.04.1997

Din No.:

02544737

Name :

Mr. Dipak Jaikishan Adnani

Designation :

Additional Director

Address :

203 A, Subham Apartment, Sarjan Society, Athwalines, Gujarat, India

Date of Birth/age :

05.07.1988

Date of Appointment :

01.06.2010

Din No.:

02498627

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
U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA ) LIMITED	Whole-time director	01-10-10	15-09-08	-	Active	NO
U19201GJ2005PTC051287	CONDOR FOOTWEAR (U.P.) PRIVATE LIMITED	Director	01-01-09	01-01-09	10-08-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2010

Names of Shareholders	No. of Shares
Adnani Jaikishan Sugnomal	685430
Adnani Deepa Jaikishan	415631
S.R.L. Condor Trade	1225137
Sval SRL	50117
Adnani Divya Jaikishan	100
Adnani Deepak Jaikishan	123764
Tekchandani bharti Manohar	100
Total	2500279

AS ON 30.09.2010

Category	Percentage
Bodies corporate	49.00
Directors or relatives of Directors	2.00
Other top fifty shareholders	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Foot Wear
Exports :
Products :	Foot Ware
Countries :	UAE
Imports :
Products :	Raw Material
Countries :	· Thailand · China
Terms :
Selling :	L/C, Cash, Credit (30 Days)
Purchasing :	L/C, Cash, Credit (30 Days)

PRODUCTION STATUS (AS ON : 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity
Injection Machines	Pairs/day	NA	30000

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

200 (Approximately)

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400021, Maharashtra, India

· HDFC Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
HDFC Car Loan	1.822	3.030
Kotak Car Loan	0.000	0.000
Kotak Mahindra Bank Limited	0.000	14.941
Total	1.823	17.971

Banking Relations :	--
Auditors :
Name :	S. Gandhi and Associates Chartered Accountants
Address :	3005, World Trade Centre, Ring Road, Surat – 395002, Gujarat, India
Pan No.:	ABPPG8411K
Subsidiaries :	Condor Footware (U.P.) Private Limited U19201GJ2005PTC051287

CAPITAL STRUCTURE

As on : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500279	Equity Shares	Rs.10/- each	Rs.25.003 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		25.003	25.003	25.003
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		243.921	169.182	136.708
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		268.924	194.185	161.711
LOAN FUNDS
1] Secured Loans		1.823	17.971	26.973
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1.823	17.971	26.973
DEFERRED TAX LIABILITIES		5.198	5.078	4.127
TOTAL		275.945	217.234	192.811
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		115.983	96.632	69.041
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		43.429	42.902	42.902
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	155.063	105.409	87.316
	Sundry Debtors	71.871	56.976	63.544
	Cash & Bank Balances	3.032	2.753	3.537
	Other Current Assets	4.892	2.588	0.000
	Loans & Advances	75.947	124.680	83.393
Total Current Assets		310.805	292.406	237.790
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	89.453	81.577	87.197
	Other Current Liabilities	17.527	48.523	13.559
	Provisions	87.292	84.606	56.166
Total Current Liabilities		194.272	214.706	156.922
Net Current Assets		116.533	77.700	80.868
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		275.945	217.234	192.811

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	635.943	503.519	401.271
		Other Income	24.290	24.976	11.781
		TOTAL (A)	660.233	528.495	413.052
Less	EXPENSES
		Materials	325.146	276.120	194.313
		Operating Expenses	56.959	55.179	70.320
		Administrating and Selling Expenses	84.526	68.387	88.823
		Payment and Benefits to Employees	34.590	18.585	13.602
		Increase / Decrease in Stock	(40.950)	(20.928)	(18.588)
		Miscellaneous expenses	0.000	0.000	0.209
		TOTAL (B)	460.271	397.343	348.679
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		199.962	131.152	64.379
Less	FINANCIAL EXPENSES (D)		3.224	4.858	3.907
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		196.738	126.294	60.469
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.151	13.206	9.787
	PROFIT BEFORE TAX (E-F) (G)		180.587	113.088	50.682
Less	TAX (H)		62.055	38.711	20.417
	PROFIT AFTER TAX (G-H) (I)		118.532	74.377	30.265
	Deferred Tax		0.119	0.951	NA
	Dividend Deferred for Current Year		37.504	35.008	NA
	Dividend Distribution Tax		4.186	5.948	NA
	Prior Period income Tax		0.000	0.000	NA
	PROFIT AFTER TAX AND DIVIDEND		76.722	32.473	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		169.182	136.708	121.444
Less	APPROPRIATIONS
		Dividend	NA	35.004	15.002
	BALANCE CARRIED TO THE B/S		243.921	169.182	136.708
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	202.552	224.078	NA
	TOTAL EARNINGS		202.552	224.078	NA
	IMPORTS
		CIF basis	95.426	115.986	NA
	TOTAL IMPORTS		95.426	115.986	NA
	Earnings Per Share (Rs.)		47.40	29.74	12.10

Particulars	31.03.2011
Sales Turnover (Approximately)	790.000

Expected Sales ( 2011-2012 ) : Rs. 1000.000 millions

The above information has been parted by Mr. Rakesh.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	27.35	14.07	7.32
Net Profit Margin (PBT/Sales)	(%)	28.39	22.45	12.63
Return on Total Assets (PBT/Total Assets}	(%)	42.31	29.29	16.51
Return on Investment (ROI) (PBT/Networth)		0.67	0.21	0.12
Debt Equity Ratio (Total Liability/Networth)		0.72	1.19	1.13
Current Ratio (Current Asset/Current Liability)		1.59	1.36	1.51

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors for Goods	73.982	59.315	70.328
Sundry Creditors for Expenses	15.471	22.262	16.869
TOTAL	89.453	81.577	87.197

REVIEW OF OPERATION :

The year was a transformational year for the company. During the year, the company has scaled new heights in terms of sales, profits, net worth and assets. Turnover for the year is Rs. 669.700 millions against Rs. 536.700 millions in the previous year. Profit after tax for the year was Rs. 118.500 millions as against 74.400 millions in the previous year.

Check List by Info Agents	Available in Reports (Yes/No)
Year of Establishment	YES
Locality Of The Firm	YES
Constitution of the firm	YES
Premises Details	YES
Type of Business	YES
Line of Business	YES
Promotor’s background	--
No. of Employees	YES
Name of person contacted	YES
Designed of contact person	YES
Turnover of firm for last three years	YES
Profitability for last three years	NO
Reasons for variation <> 20%	--
Estimation for coming financial year	YES
Capital of the business	NO
Details of Sister Concern	NO
Major Suppliers	YES
Major Customers	YES
Payments Terms	YES
Export / Import details (if applicable)	YES
Market information	--
Litigation that the firm / promoter involved in	--
Banking details	YES
Banking facility details	--
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	YES
Incorporation details, if applicable	--
Last accounts filed at ROC	--
Major Shareholders, if available	--

FORM : 8

Corporate identity number of the company	U19129GJ1995PLC028221
Name of the company	CONDOR FOOTWEAR (INDIA ) LIMITED
Address of the registered office or of the principal place of business in India of the company	A-1 3503 3504 Sachin GIDC, Sachin, Surat – 395008, Gujarat, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Others
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400021, Maharashtra, India
Nature of instrument creating charge	Supplementary Deed of Hypothecation.
Date of instrument Creating the charge	30/06/2011
Amount secured by the charge	Rs. 56.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest CC - Floating over the tenure of the facility. The Rate of Interest has been arrived at on the basis of the Bank's Base Rate. EPC / PCFC - As per the Bank's guidelines time to time. Terms of repayment EPC / PCFC - The liquidation of the packing credit advance shall be out of export bill discounted with the bank or out of export realizations only. Margin NIL. Extent and operation of the charge First and exclusive charge by way of Hypothecation of Current assets and Movable fixed assets present and future of the Borrower, in favour of Kotak Mahindra bank as security for repayment of financial facilities granted by the Bank to the Borrower. Other Nil
Short particulars of the property charged (Including location of the property)	The whole of the Borrower's Current assets and Moveable fixed assets, both present and future, more particularly described in the Schedule - l to the Supplementary Deed of Hypothecation.
Date of instrument modifying the charge	05/12/2008
Particulars of the present modification	Bank had granted facilities of Rs.20.000 millions to the Borrower which was secured by way of Hypothecation on Current assets and Moveable fixed assets of the Company on 23/09/2005. Said charge was modified from time to time and extended to Rs.50.000 millions. Now bank has granted additional facility of Rs.6.000 millions to the company and the said charge is modified and extended to the increased total facilities of Rs.56.000 millions

TRADE REFERENCES :

· BASS Shoe India

· Ajay Tradelink Private Limited

FIXED ASSETS :

· Land and Building

· Electrification

· Furniture and Fixture

· Factory Equipments

· Office Equipments

· Computer

· Plant and Machinery

· Vehicles

· Trade Mark

· Lease Building

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. 49.02
UK Pound	1	Rs.77.12
Euro	1	Rs.67.55

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.