MIRA INFORM REPORT

Report Date :

17.09.2011

IDENTIFICATION DETAILS

Name :	SICO UDYOG PRIVATE LIMITED
Formerly Known As :	BICO FOOTWEAR PRIVATE LIMITED
Registered Office :	Sico House, Swastic Compound, Chincholi Bunder Road, Ram Baug, Malad – West, Mumbai – 400064, Maharasahtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.03.1987
Com. Reg. No.:	11.042952
Capital Investment / Paid-up Capital :	Rs. 3.664 Millions
CIN No.: [Company Identification No.]	U19200MH1987PTC042952
PAN No.: [Permanent Account No.]	AAFCS8949C
Line of Business :	Manufacturer of a Rockstar Shoes, Snow Ankel, Boots and Gumboots
No. of Employees :	100 – Approximately (In Office – 6, Factory Worker are on contractual Basis)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING			STATUS		PROPOSED CREDIT LINE
26-40		B	Capability to overcome financial difficulties seems comparatively below average.		Small
	Maximum Credit Limit :			USD 13000
	Status :			Moderate
	Payment Behaviour :			Slow
	Litigation :			Clear
	Comments :			Subject is a relatively small company having moderate track. There appears some accumulated losses by the company. However, trade relations are reported as fair. Business is active. Payment are reported to be slow. The company can be considered for business dealings with some caution.

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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Bhavik
Designation :	Director
Contact No.:	91-9820034001
Date :	14.09.2011

LOCATIONS

Registered Office / Factory :	Sico House, Swastic Compound, Rambaug, Chincholi Bunder Road, Malad-West, Mumbai – 400064, Maharasahtra, India
Tel. No.:	91-22-8821123/8824845/2882454/28810927
Mobile No.:	91-9820034001 (Mr Bhavik)
Fax No.:	91-022-8895520
E-Mail :	bhavik@sicosafety.com sico98@vsnl.com bjs007@rediffmail.com sico.udyog@yahoo.com
Website :	http://www.sicosafety.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Jayant Hirji Shah

Designation :

Director

Address :

102, Shreeji Darshan, 10^TH Floor, S.V.Road, Kandivali-West, Mumbai-400067, Maharasahtra, India

Date of Birth/Age :

61 Years

Qualification :

B.Com

Date of Appointment :

15.09.2003

DIN No.:

01153896

Other Direcdtorship :

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	U19201MH1991PTC061622	SICO VINYL PRIVATE LIMITED	Director	10/05/1991	10/05/1991	-	Active	NO
2	U19200MH1987PTC042952	SICO UDYOG PRIVATE LIMITED	Director	15/09/2003	15/09/2003	-	Active	NO

Name :

Mr.Bhavik jayant Shah

Designation :

Director

Address :

102, Shreeji Darshan, 10^TH Floor, S.V.Road, Kandivali-West, Mumbai-400067, Maharasahtra, India

Date of Appointment :

01.01.2000

DIN No.:

01154070

Other Directorship:

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	U19200MH1987PTC042952	SICO UDYOG PRIVATE LIMITED	Director	01/04/2000	01/04/2000	-	Active	NO
2	U19201MH1991PTC061622	SICO VINYL PRIVATE LIMITED	Director	01/04/2007	01/04/2007	-	Active	NO

Name :

Mrs jinal Bhavik Shah

Designation :

Director

Address :

102, Shreeji Darshan, 10^TH Floor, S.V.Road, Kandivali-West, Mumbai-400067, Maharasahtra, India

Date of Appointment :

30.09.2006

DIN No.:

00181243

Other Directorship :

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	U19200MH1987PTC042952	SICO UDYOG PRIVATE LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO
2	U19201MH1991PTC061622	SICO VINYL PRIVATE LIMITED	Director	29/09/2007	29/09/2007	-	Active	NO

Name :

Mrs. Rajeshwari Jayant Shah

Designation :

Director

Address :

102, Shreeji Darshan, 10^TH Floor, S.V.Road, Kandivali-West, Mumbai-400067, Maharasahtra, India

Date of Birth/Age :

10.07.1954

Date of Appointment :

29.09.2007

DIN No.:

01472989

Other Directorship :

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	U19200MH1987PTC042952	SICO UDYOG PRIVATE LIMITED	Director	29/09/2007	29/09/2007	-	Active	NO
2	U19201MH1991PTC061622	SICO VINYL PRIVATE LIMITED	Director	29/09/2007	29/09/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Jaywant H. Shah	46975
Meera R.Shah	4011
Jayant H. Shah (HUF)	11512
Rasik H. Shah (HUF)	1
Jhaverchand H. Shah (HUF)	4009
Jhara Jhaverchand Shah	2040
Rasik H. Shah	54546
Jhaverchand H. Shah	14974
Juhi Javerchand Shah	1200
Rajeshwari Jayant Shah	31700
Rama Jhaverchand Shah	6000
Pooja S. Parekh	1
Dharmendra Agarwal J/W Shantidevi Agarwal	2
Hansraj Ramji	1
Chetan A. Kishore J/W Rajendra A. KIshore	2
Jagshi Walji Chheda	1
Prakash Modilal Kavedia	1
Premaben R. Shah	1
Premilaben V. Shah	1
Rajendra A. Kishore	1
Arti Parekh	1
Bhvik Jayant Shah	104400
Vijyaben H. Shah	1
Shashi R. Bubna	1
Ruxmanidevi Bubna	1
Suresh C. Parekh	1
Tanaji S. Dhonde	1
Toni C. Parekh	1
Chetna Chheda J/W Maddhubala Chheda	2
Hirji Premji Shah	1
Bharti C. Shah	2
Mita Suresh Parekh	1
Narendra Keni	1
Rachana C. Parekh	1
Ranjit Gandhi	1
Urijita C. Parekh	1
Vijay Bubna	1
Bharat Agarwal	1
Jevanti Jagshi Shah	1
Mrs. Jinal B. Shah	5001
Total	286400

Equity Share Break up (Percentage of Total Equity)

As on 31.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of a Rockstar Shoes, Snow Ankel, Boots and Gumboots
Products :	Rock Star Shoes Standard Range Long Gumboots Executive Shoes Economy Shoes Snow Ankle Boots Regular Shoes Shoe Cross Section Superlite Shoes Duratech Range
Terms :
Selling :	Cash and Credit (30days)
Purchasing :	Cash and Credit (30days)-

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, End User

No. of Employees :

100 – Approximately (In Office – 6, Factory Worker are on contractual Basis)

Bankers :

• The Malad Shakari Bank Ltd

6 Sujata, 1^st Floor, Rani Sati Marg, Malad- East, Mumbai-400097, India

• Citi Bank

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Citi Bank Loan Kotak Mahindra Prime Ltd. Sundaram Finance Ltd – Tempo Sundaram Finance Ltd – Omni Term Loan A/c 2130	3.862 0.207 0.123 0.095 0.678	5.414
Total	4.965	5.414
Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Loan From Director Loan From Family Loan From Share Holder Unsecurred Loan	1.368 0.278 0.012 0.756	1.000 0.279 0.067 0.746
Total	2.414	2.092

Banking Relations :
Financial Institution :	Kotak Mahindra Prime Ltd Sundaram Finance Ltd - Tempo
Auditors :
Name :	Jignesh Savla And Associates Chartered Accountant
Address :	303, Annapurarna Sadan, Turel Pakhadi Road, Malad – West, Mumbai-400064, Maharasahtra, India
PAN.:	AGLPS8164L

CAPITAL STRUCTURE

As on 30.03.2010

Authorised Capital :

As on 31.03.2010

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

As on 31.03.2010

No. of Shares	Type	Value	Amount
286400	Equity Shares	Rs.10/- each	Rs, 2.864 Millions

Authorised Capital Rs. 10.000 Millions After as on 30.03.2010 Paid up Capital Rs. 3.664 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		2.485	2.485	2.485
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.983	1.267	0.983
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.468	3.752	3.468
LOAN FUNDS
1] Secured Loans		4.965	5.414	4.666
2] Unsecured Loans		2.414	2.092	2.149
TOTAL BORROWING		7.379	7.506	6.815
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		10.847	11.258	10.283
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.471	3.503	2.679
Capital work-in-progress
INVESTMENT		0.108	0.108	0.108
DEFERREX TAX ASSETS
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.098	6.215	4.643
	Sundry Debtors	0.723	4.290	3.228
	Cash & Bank Balances	0.157	0.000	0.169
	Other Current Assets	0.000	0.000	0.023
	Loans & Advances	0.585	0.408	0.644
Total Current Assets		8.563	10.913	8.707
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.113	3.515	2.367
	Other Liabilities	1.191	0.826
	Provisions	0.141	0.154	0.092
Total Current Liabilities		3.445	4.495	2.459
Net Current Assets		5.118	6.418	6.248
MISCELLANEOUS EXPENSES		0.000	1.229	0.000
Profit and Loss Account		2.150	0.000	1.248
TOTAL		10.847	11.258	10.283

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	NA	16.135	NA
		Other Income	NA		NA
		TOTAL	NA	16.135	NA
Less	EXPENSES
		Office Expenses	NA		NA
		Administrative Expenses	NA		NA
		Advertising Expenses	NA	15.852	NA
		Depreciation	NA		NA
		Financial Expenses	NA		NA
		TOTAL (B)		15.852
	PROFIT BEFORE TAX		(1.186)	0.283	0.082
Less	TAX		NA	0.000	NA
	PROFIT AFTER TAX (G-I)		NA	0.283	NA
	TOTAL EARNINGS		NA	0.988	NA

Particulars	31.03.2011	31.03.2010
Sales Turnover	Rs. 155.000 Millions	Rs. 150.000 Millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	1.75	NA
Return on Total Assets (PBT/Total Assets}	(%)	(9.86)	1.96	0.72
Return on Investment (ROI) (PBT/Networth)		(0.34)	0.07	0.02
Debt Equity Ratio (Total Liability/Networth)		3.12	3.20	2.67
Current Ratio (Current Asset/Current Liability)		2.49	2.43	3.54

LOCAL AGENCY FURTHER INFORMATION

FORM 8 :

Corporate identity number of the company	U19200MH1987PTC042952
Name of the company	SICO UDYOG PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Swastic Compound, Ram Baug, Chincholi Bunder Road, Malad-West, Mumbai-400064, Maharasahtra, India
This form is for	Creation of Charge
Type of charge	Movable Property (not being pledge) Floting Charge
Particular of charge holder	The Malad Shakari Bank Limited 6, Sujata, 1^st Floor, rani Sati Marg, Malad- East, Mumbai-400097, Maharasahtra, India maladshakari@vsnl.net
Nature of instrument creating charge	Term Loan Agreement of Hypothecation Moveables
Date of instrument Creating the charge	21.10.2010
Amount secured by the charge	Rs. 0.687 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Intrest : At Present 15% p.a at monthly restsor at rate as mar at any time and from time to time be fixed in that behalf by the bank. Terms of payment : 60 Monthly installments of Rs. 0.011 Million from the date of disbursement (i.e from naovember 2010 and so on until the entire loan is repaid) Margin : As Specified by the bank from time to time Extent and operation of the charge : Balances due to bank shall be payable to bank at Mumbai office of bank together with all further interest calculated as above provided at the rate above mentioned together together with the amount of all further charges and expenses to the date of payment . This security is in additional to any other security already held by bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all machineries belonging to borrower being movable properties and capable of passing by delivery both present and future whether installed or not and whether now lying loose or in cases and now being or at any time hereafter during the continuance of this agreement brought into or upon or at any time in course of transit to the premises. Factory of borrower at Mumbai either by way of substitution or in addition or other place whatsoever , wheresoever.

FIXED ASSETS :

• Maruti Omni Car
• Office Buildings
• Plant And Machinery
• Electrical Installation
• Dies and Moulds
• Furniture and Fixture
• Vehicle
• Car Santro
• Air Conditioner
• Office Equipment
• Computer
• Mobile Phone
• Car Elentra

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.46.78
UK Pound	1	Rs.73.09
Euro	1	Rs.59.87

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		28

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.