1. Summary Information

		Country	India
Company Name	LEATHER LEADER COMPANY PRIVATE LIMITED	Principal Name 1	Mr. Durairajan Mohanraj
Status	Satisfactory	Principal Name 2	Mr. Ambur Ellayaperumal Subramanyam Ravi
		Registration #	18-048741
Street Address	S. F. No.114/2, Anna Salai Extension, Nagalkent, Chrompet, Chennai – 600044, Tamilnadu, India
Established Date	10.04.2002	SIC Code	--
Telephone#	91-44-22387255	Business Style 1	Manufacturer
Fax #	91-44-22363469	Business Style 2	--
Homepage	--	Product Name 1	Full Shoes
# of employees	600 [Approximately]	Product Name 2	Shoe Uppers
Paid up capital	Rs.13,000,000/-	Product Name 3	Finished Leather
Shareholders	Directors or relatives of directors 100.00%	Banking	State Bank of India
Public Limited Corp.	NO	Business Period	9Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	54,696,000	Current Liabilities	75,589,000
Inventories	207,696,000	Long-term Liabilities	260,516,000
Fixed Assets	108,650,000	Other Liabilities	2,770,000
Deferred Assets	000	Total Liabilities	338,875,000
Invest& other Assets	59,000	Retained Earnings	18,293,000
		Net Worth	32,226,000
Total Assets	371,101,000	Total Liab. & Equity	371,101,000
Total Assets (Previous Year)
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	345,171,000	Net Profit	3,618,000
Sales(Previous yr)	272,455,000	Net Profit(Prev.yr)	2,417,000

MIRA INFORM REPORT

Report Date :

29.09.2011

IDENTIFICATION DETAILS

Name :	LEATHER LEADER COMPANY PRIVATE LIMITED
Registered Office :	No.114/2, Anna Salai Extension, Nagalkent, Chrompet, Chennai – 600044, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.04.2002
Com. Reg. No.:	18-048741
Capital Investment / Paid-up Capital :	Rs.13.000 Millions
CIN No.: [Company Identification No.]	U19116TN2002PTC048741
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Full Shoes, Shoe Uppers and Finished Leather
No. of Employees :	600 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 120000
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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 :	Ms. Laxmi
Designation :	Receptionist

LOCATIONS

Registered Office / Factory :	No.114/2, Anna Salai Extension, Nagalkent, Chrompet, Chennai – 600044, Tamilnadu, India
Tel. No.:	91-44- 22387255/ 22363883/ 22418097
Fax No.:	91-44- 22363469/ 22381469
E-Mail :	sravi@md2.vsnl.net.in leather_leaders@hotmail.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Durairajan Mohanraj

Designation :

Director

Address :

H3/ 3, Gangai Street, Kalashetra Colony, Basant Nagar, Chennai – 600090, Tamilnadu, India

Date of Birth/Age :

01.05.1961

Date of Appointment :

05.08.2004

Din No.:

01290794

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24294TN1993PTC024517	RANG RASAYAN ASSOCIATES PRIVATE LIMITED	Director	02-03-93	02-03-93	Active	NO
2	U19116TN2002PTC048741	LEATHER LEADER COMPANY PRIVATE LIMITED	Director	05-08-04	05-08-04	Active	NO
3	U19116TN2005PTC057120	LLC SHOAES PRIVATE LIMITED	Director	08-08-05	08-08-05	Active	NO
4	U65929TN2005PTC057426	SRITHANYA INVESTMENT PRIVATE LIMITED	Director	08-09-05	08-09-05	Strike off	NO
5	U24113TN2006PTC059925	RANG RASAYAN CHEMICALS PRIVATE LIMITED	Director	19-05-06	19-05-06	Strike off	NO

Name :

Mr. Ambur Ellayaperumal Subramanyam Ravi

Designation :

Director

Address :

48/ 53, Akshya Homes, White House, Flat F – 3 Main Road, Adayar, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

16.06.1962

Date of Appointment :

16.01.2003

Din No.:

01664680

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	U24294TN1993PTC024517	RANG RASAYAN ASSOCIATES PRIVATE LIMITED	Director	29-08-97	29-08-97	01-04-11	Active	NO
2	U19116TN2002PTC048741	LEATHER LEADER COMPANY PRIVATE LIMITED	Director	16-01-03	16-01-03	-	Active	NO
3	U19129TN2003PTC051512	TRADE CHEM (INDIA) PRIVATE LIMITED	Director	04-09-03	04-09-03	-	Active	YES
4	U19116TN2005PTC057120	LLC SHOAES PRIVATE LIMITED	Director	08-08-05	08-08-05	-	Active	NO
5	U24113TN2006PTC059925	RANG RASAYAN CHEMICALS PRIVATE LIMITED	Director	19-05-06	19-05-06	-	Strike off	NO

Name :

Mr. V Sankar

Designation :

Director

Address :

23/2, V V Koli Street, Periamet, Chennai – 600003, Tamilnadu, India

Date of Birth/Age :

16.04.1958

Date of Appointment :

15.08.2005

KEY EXECUTIVES

Name :	Ms. Laxmi
Designation :	Receptionist

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Durairajan Mohanraj	65000
Ambur Ellayaperumal Subramanyam Ravi	65000
Total	130000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Full Shoes, Shoe Uppers and Finished Leather
Products :	Shoes Shoe Upper Finished Leather Men’s Leather Shoe Formal Leather Shoe Leather Shoes Leather Boot Shoe Casual Leather Shoe Black Leather Shoe Ladies Fancy Shoe Ladies Shoe Ladies Sandals Finish Leather

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Licensed Capacity	Actual Production [Exclusive samples and shrinkages]
Cow Skins (in sq ft)	1200000	700368
Sheep Skins (in pieces)	600000	587260
Shoe Uppear (in Pairs)	600000	99872
Full Shoes (Pairs)	250000	131739

GENERAL INFORMATION

No. of Employees :

600 [Approximately]

Bankers :

State Bank of India, Leather International Branch, MVJ Tower, Poonamale High Road, Kilpauk, Chennai-600010, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Term Loan and Working capital limits for export with SBI, Leather International Branch, Chennai [Secured against hypothecation of stock, debtors and fixed assets of the company]	239.108	187.393
Total	239.108	187.393
Unsecured Loan
Advance from members and Others	20.998	20.496
State Bank of India, Current a/c (represents book balance)	0.410	0.356
Total	21.408	20.852

Banking Relations :	--
Auditors :
Name :	V Krishnan and Company Chartered Accountant
Address :	No. 208, Llyods Road, Royapettah, Chennai-600014, Tamilnadu, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
650000	Equity Shares	Rs.100/- each	Rs.65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
130000	Equity Shares	Rs.100/- each	Rs.13.000 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		13.000	13.000	13.000
2] Share Application Money		0.933	0.933	0.933
3] Reserves & Surplus		18.293	14.675	12.257
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		32.226	28.608	26.190
LOAN FUNDS
1] Secured Loans		239.108	187.393	145.890
2] Unsecured Loans		21.408	20.852	9.013
TOTAL BORROWING		260.516	208.245	154.903
DEFERRED TAX LIABILITIES		1.270	1.449	1.185
TOTAL		294.012	238.302	182.278
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		108.650	123.713	93.484
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.400	0.400
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	207.696	107.777	54.195
	Sundry Debtors	22.403	37.515	21.639
	Cash & Bank Balances	15.216	12.825	19.189
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.077	12.562	29.693
Total Current Assets		262.392	170.679	124.716
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	75.466	54.025
	Other Current Liabilities	0.123	0.493	35.795
	Provisions	1.500	2.050	0.625
Total Current Liabilities		77.089	56.568	36.420
Net Current Assets		185.303	114.111	88.296
MISCELLANEOUS EXPENSES		0.059	0.078	0.098
TOTAL		294.012	238.302	182.278

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income		272.455	301.734
		Other Income		19.639	27.525
		TOTAL (A)	345.171	292.094	329.259
Less	EXPENSES
		Manufacturing Expenses		192.736	263.611
		Selling Expenses		22.044	13.096
		Personnel Expenses		17.583	15.842
		Rent, Insurance and Taxes	326.111	1.439	2.087
		Repairs and Maintenance		5.614	3.410
		Other Expenses		5.407	3.701
		Directors Remuneration		1.170	1.630
		Preliminary Expenses w/o		0.020	0.020
		TOTAL (B)	326.111	246.013	303.397
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	46.081	25.862
Less	FINANCIAL EXPENSES (D)		NA	26.117	13.924
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.060	19.964	11.938
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.346	14.282	4.838
	PROFIT BEFORE TAX (E-F) (G)		4.714	5.682	7.100
Less	TAX (H)		1.096	3.265	1.539
	PROFIT AFTER TAX (G-H) (I)		3.618	2.417	5.561
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14.674	12.257	NA
	BALANCE CARRIED TO THE B/S		18.292	14.674	NA
	EARNINGS IN FOREIGN CURRENCY
		Export of Shoe Uppers	89.624	131.832	136.827
		Export of Sheep Skins	4.382	6.304	20.972
		Export of Cow Skins	5.942	7.913	0.681
		Full Shoes	124.020	78.800	116.371
	TOTAL EARNINGS		223.968	224.849	274.851
	IMPORTS
		Raw Materials – Skins	61.304	65.389	53.702
		Chemicals	0.493	1.657	2.332
		Shoe Accessories	1.651	7.126	7.205
	TOTAL IMPORTS		63.448	74.172	63.239
	Earnings Per Share (Rs.)		27.83	18.59	42.77

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.05	0.83	1.69
Net Profit Margin (PBT/Sales)	(%)	NA	2.09	2.35
Return on Total Assets (PBT/Total Assets}	(%)	1.27	1.93	3.25
Return on Investment (ROI) (PBT/Networth)		0.15	0.20	0.27
Debt Equity Ratio (Total Liability/Networth)		10.48	9.26	7.30
Current Ratio (Current Asset/Current Liability)		3.40	3.02	3.42

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCES:

This company has achieved a turnover of Rs.345.171 millions during the year as against Rs.292.094 millions in the immediate preceding account year 2008-09. The operations of the company resulted in a net profit of Rs.3.618 millions in the year 2009-10 as against Rs.2.417 millions in the immediate preceding year 2008-09.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	80016485
Corporate identity number of the company	U19116TN2002PTC048741
Name of the company	LEATHER LEADER COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No.114/2, Anna Salai Extension, Nagalkent, Chrompet, Chennai – 600044, Tamilnadu, India
Type of charge	Book Debts Movable Property (not being pledge) Others Immovable Property
Particular of charge holder	State Bank of India, Leather International Branch, MVJ Tower, Poonamale High Road, Kilpauk, Chennai-600010, Tamilnadu, India
Email	dgm.07024@sbi.co.in
Nature of description of the instrument creating or modifying the charge	1. Supplemental Agreement of Loan for increase in the overall limit - Form C.1 -A 2.Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit - Form C.2 -A 3. Letter regarding the grant individual limits within the overall limit (Form C.5) 4. EM Letters (4 Nos)
Date of instrument Creating the charge	24.01.2011
Amount secured by the charge	Rs.322.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Terms of Repayment As per Agreement Margin Raw Materials : 25% Stock -in- process: 25% Finished goods: 25% LC and BG: 20% Book debts/ receivables (cover period: 90 days): 30% Export Bills sent for collection (cover period : 90 days): 10% Extent and Operation of the charge Exclusive first charge on the current assets, movable assets and immovable property company to the extent of Rs.322.000 Millions.
Short particulars of the property charged	I) Primary :- EPC/CC: Hypothecation charge over the entire current assets, which include ram materials, stock-in-process, finished goods, consumables, stores, spares, receivables etc., II) FBD(Non-LC) and FBD (LC): Documents of title to goods and extension of charge over entire current assets Stand by Limit : Extension of charge over the entire current assets III) LC: Documents of title to goods and extension of charge over entire current assets BG: Extension of charge over entire current assets IV) Term Loan I : (i) EM of Leasehold rights over land of 2.645 acres taken on lease from Shri A.E.S. Ravi and Shri D. Mohanraj, located at S.Nos.59/27, 59/31, 59/33, 59/39, 59/42, 59/25, 59/29, 59/34, V) 59/24, 59/26, 59/28, 59/30, 59/32, 58/3, 58/4 and 58/5A, Pudupeir village, Sriperumpudur TK, Kancheepuram Dist., and the factory building constructed thereon. (ii) Hypothecation of charge over the machinery acquired out of the term loan for pudupeir factory. Term Loan II : (i) EM over land of 2.42 acres located at S.No.699/3A, Ananthalai Village, VII) Walajapet TK, Vellore Dist., belonging to the company and the factory building constructed thereon. Hypothecation charge over the machinery acquired out of the term loan for Walajapet factory VIII) Company's Immovable property details
Date of latest modification prior to the present modification	18.03.2010
Particulars of the present modification	By the present modification, The various credit facilities enjoyed by the company now has been enhanced from Rs.301.700 Millions to Rs.322.000 Millions

Fixed Assets:

• Land
• Tannery Building
• Plant and Machinery
• Furniture and Fixture
• Computer and Accessories
• Vehicle

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.48.91
UK Pound	1	Rs.76.53
Euro	1	Rs.66.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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		45

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.