MIRA INFORM REPORT

Report Date :

14.10.2011

IDENTIFICATION DETAILS

Name :	OXFORD TANNERS
Registered Office :	93/4, Karaya Road, Kolkata – 700 019, West Bengal, India
Country :	India
Financials (as on) :	31.03.2006 [Profit and Loss]
Year of Establishment :	1996
Capital Investment / Paid-up Capital :	Rs. 18.245 millions
TAN No.: (Tax Deduction & Collection Account No.)	CALO00633D
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer and Exporter of Finished Leather, Leather Goods / Garments and Industrial Leather Hand Gloves.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a partnership concern having moderate track. Mr. Subhendhu Rai, Accounts Manager denied to disclose any information about the concern. Therefore, the report is based on old database of our company. Payments are unknown. The concern can be considered for business dealings on a secured 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

INFORMATION DECLINED BY

Name :	Mr. Subhendhu Rai
Designation :	Accounts Manager
Contact No.:	91-983066827
Date :	29.09.2011

LOCATIONS

Registered Office :	93/4, Karaya Road, Kolkata – 700 019, West Bengal
Tel. No.:	91-33-22875981
Mobile No.:	91-983066827 (Mr. Subhendhu Rai)
Fax No.:	91-33-22804573
E-Mail :	oxtan@cal.vsnl.net.in
Area :	2,500 sq. fts.
Location :	Owned
Factory 2 :	Plot No. 567, Zone 1, Calcutta Leather Complex, Karaidanga, Dist. 24 Parganas, West Bengal
Tel. No.:	91-33-23433152
Area :	8,000 sq. mtrs.
Location :	Leased

PARTNERS

Name :	Mr. Kamal Ahmed
Designation :	Partner
Address :	93/4, Karaya Road, Kolkata – 700 019, West Bengal, India
Year of Birth :	1960
Qualification :	Matriculate
Name :	Mr. Jawed Ahmed
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Shaikh Abdul Hayee
Designation :	Chief Executive Officer
Address :	44, Lower Range, Kolkata – 700 019, West Bengal
Year of Birth :	1960
Qualification :	B. Com.
Experience :	26 years
Previous Employment :	Bengal Tanning Industries – General Manager

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Finished Leather, Leather Goods / Garments and Industrial Leather Hand Gloves.
Products :	Finished Leather Leather Goods Garments and Industrial Leather Hand Gloves
Exports to :	Spain, Italy, Hong Kong and China
Imports from :	Italy, France and Singapore
Terms :
Selling :	L/C terms

PRODUCTION STATUS

Particulars	Unit	Actual Production
Finished Leather	Sq. fts.	1.5 millions / per month

GENERAL INFORMATION

Suppliers :	Brightchem, Kolkta Chem Crown India Limited, Kolkata Elegant Fashion Fiber Chemicals Limited, Kolkata
Customers :	Concesia Tirrena SpA, Italy Commercial PMB SL, Spain
No. of Employees :	100 (Approximately)
Bankers :	Punjab National Bank Lyond Range Branch, 1, R. N. Mukherjee Road, Kolkata – 700 001, West Bengal
Facilities :	Cash Credit : Rs.20.0 millions
Banking Relations :	Satisfactory
Auditors :	Rehman & Mondal Chartered Accountants 9, Lal Bazar Street, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22107450
Memberships :	Leather Export Promotion Council

CAPITAL STRUCTURE

As on : 31.03.2005

Capital Investment :
Kamal Ahmed :	Rs. 2.310 millions
Jawed Ahmed :	Rs. 15.935 millions
Total :	Rs. 18.245 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Partners Capital -- Kamal Ahmed -- Jawed Ahmed		2.310 15.935	2.460 14.800
NETWORTH		18.245	17.260
LOAN FUNDS
1] Secured Loans		95.141	71.767
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		95.141	71.767
TOTAL		113.386	89.027
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.171	25.569
Capital work-in-progress		0.000	0.000
INVESTMENT		0.071	0.055
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.065	25.627
	Sundry Debtors	118.564	108.948
	Cash & Bank Balances	7.298	8.155
	Other Current Assets	1.349	4.693
	Loans & Advances	44.587	28.106
Total Current Assets		196.863	175.529
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	114.699	109.506
	Provisions	4.020	2.620
Total Current Liabilities		118.719	112.126
Net Current Assets		78.144	63.403
TOTAL		113.386	89.027

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2006	31.03.2005	31.03.2004
Sales Turnover [including other income]	370.000	385.239	304.186
Profit/(Loss) Before Tax	0.000	2.382	3.456
Provision for Taxation	0.000	0.000	0.950
Profit/(Loss) After Tax	0.000	2.382	2.506
Export Value	370.000	0.000	0.000
Total Expenditure	0.000	381.457	300.740

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

KEY RATIO

PARTICULARS		31.03.2005	31.03.2004
PAT / Total Income	(%)	0.62	0.82
Net Profit Margin (PBT/Sales)	(%)	0.62	1.13
Return on Total Assets (PBT/Total Assets}	(%)	1.02	1.72
Return on Investment (ROI) (PBT/Networth)		0.13	0.20
Debt Equity Ratio (Total Liability/Networth)		12.72	11.65
Current Ratio (Current Asset/Current Liability)		1.66	1.56

LOCAL AGENCY FURTHER INFORMATION

NIL

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	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	--
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		11

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.