MIRA INFORM REPORT

Report Date :

05.04.2012

IDENTIFICATION DETAILS

Name :	BONAVENTURE SHOES PRIVATE LIMITED
Registered Office :	29, E.V.K. Sampath Road, Chennai – 600007, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.06.1986
Com. Reg. No.:	18-013074
Capital Investment / Paid-up Capital :	Rs.46.070 Millions
CIN No.: [Company Identification No.]	U18209TN1986PTC013074
TAN No.: [Tax Deduction & Collection Account No.]	CHEB00424E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ladies and Gents Formal and Casual Shoes.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

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 :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under pressure. There appears huge accumulated losses recorded by the company. However, business is active. Payments are reported to be slow. The company 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

LOCATIONS

Registered Office :	29, E.V.K. Sampath Road, Chennai – 600007, Tamilnadu, India
Tel. No.:	91-44-25611349/ 25611431/ 25611145/ 2561068/ 25366574/ 5365313/ 5381408/ 25362065/ 25388072/ 5381421/2/ 25611145
Fax No.:	91-44-25610462/ 25611658
Email :	accounts@sscgrp.com finance@sscgrp.com shoes@sscgrp.com leathers@sscgrp.com admn@sscgrp.com
Location :	Owned
Factory :	Post Box 30, Venkatasamudra Road, Elmanguppam Village, Ambur, North Arcot District, Tamilnadu- 635 802, India
Tel. No.:	91-4174-244207 / 208
Area :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Shafeeq Nathersa Ahmed

Designation :

Managing director

Address :

16, Barnaby Road, Kilpauk, Chennai – 600010, Tamilnadu, India

Date of Birth/Age :

21.03.1959

Date of Appointment :

03.06.1986

DIN No.:

00419355

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	U51102TN1977PTC007307	S S C SHOES PRIVATE LIMITED	Director	1/10/1984	1/10/1984	-	Active	NO
2	U18209TN1986PTC013074	BONAVENTURE SHOES PRIVATE LIMITED	Managing director	3/06/1986	3/06/1986	-	Active	NO
3	U73100TN1993GAP026146	AMBUR FDDI SHOE TECHNOLOGY CENTRE	Director	3/11/1993	3/11/1993	-	Active	NO
4	U91110TN2004PTC053638	CONSORTIUM OF SHOE MANUFACTURERS PRIVATE LIMITED	Director	5/07/2004	5/07/2004	-	Active	NO
5	U74999MH2006PTC165053	ASAP FASHION PRIVATE LIMITED	Director	6/10/2006	6/10/2006	-	Active	NO
6	U15400TN2010PTC074570	GREEN AURA ORGANICS PRIVATE LIMITED	Additional director	10/03/2011	11/02/2010	-	Active	NO

Name :

Mr. Nathersa Mohamed Sayeed

Designation :

Director

Address :

29, EVK Sampath Road, Vepery, Chennai – 600 007, Tamilnadu, India

Date of Birth/Age :

09.08.1936

Date of Appointment :

03.06.1986

DIN No.:

01740001

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	U51102TN1977PTC007307	S S C SHOES PRIVATE LIMITED	Managing director	23/04/1977	23/04/1977	-	Active	NO
2	U18209TN1986PTC013074	BONAVENTURE SHOES PRIVATE LIMITED	Director	3/06/1986	3/06/1986	-	Active	NO
3	U19119TN1989PLC016997	AMBUR TANNERY EFFLUENT TREATMENT COMPANY LIMITED	Managing director	20/09/2010	8/03/1989	-	Active	NO
4	U45203TN2001NPL047485	AMBUR ECONOMIC DEVELOPMENT ORGANISATION	Director	23/07/2001	23/07/2001	-	Active	NO

Name :

Mr. Medekar Intisar Mohamed

Designation :

Whole-time director

Address :

22, Venugopal Avenue, Spurtank Road, Chetpet, Chennai – 600031, Tamilnadu, India

Date of Birth/Age :

20.04.1979

Date of Appointment :

01.04.2005

Date of Ceasing :

10.10.2011

DIN No.:

02644657

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	U51102TN1977PTC007307	S S C SHOES PRIVATE LIMITED	Whole-time director	1/04/2005	1/04/2005	10/10/2011	Active	NO
2	U18209TN1986PTC013074	BONAVENTURE SHOES PRIVATE LIMITED	Whole-time director	1/04/2005	1/04/2005	10/10/2011	Active	NO
3	U18104TN2011PTC079524	SAMAARA LEATHERS PRIVATE LIMITED	Director	8/03/2011	8/03/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
N.Mohamed Sayeed	17100
Mehrunnisa Begum	17000
N. Shafeeq Ahmed	373600
N. Par Veen Banu	12600
N. Nasreen Banu	12600
N. Jabeen Banu	12600
N. Yasmeen Banu	12600
Thasreen Fathima	2600
Total	460700

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ladies and Gents Formal and Casual Shoes.

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Actual Production
Shoe Upper	Pairs	23705
Full Shoes	Pairs	708

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
SBI – WC Demand Loan # 31688284614	11.653	34.583
SBI – FDBL – Non LC Bills	0.000	10.000
SBI – WCTL	0.000	42.641
Total	11.653	87.224
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
N. Shafeeq Ahmed	26.433	9.833
Total	26.433	9.833

Banking Relations :	--
Auditors :
Name :	R. Venkataramani and Associates Chartered Accountants
Address :	No. 13, (Old No.7), Thiru VI KA, 3^rd Street, Royapettah High Road, Mylapore, Chennai – 600004, Tamilnadu, India
Tel. No.:	91-44-24832294
E-Mail :	saraskcsca@gmail.com
PAN.:	AADFR1923Q
Associates :	· Shafeeq Shameel and Company · SSC Shoes Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
460700	Equity Shares	Rs.100/- each	Rs.46.070 Millions

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		46.070	46.070	46.070
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.188	0.188	0.188
4] (Accumulated Losses)		(206.870)	(204.397)	(112.326)
NETWORTH		(160.612)	(158.139)	(66.068)
LOAN FUNDS
1] Secured Loans		11.652	87.224	98.962
2] Unsecured Loans		26.433	9.833	0.000
TOTAL BORROWING		38.085	97.057	98.962
DEFERRED TAX LIABILITIES		6.259	6.259	6.258
TOTAL		(116.268)	(54.823)	39.153
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.801	31.169	36.099
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	36.638	60.025	138.135
	Sundry Debtors	5.042	3.206	10.126
	Cash & Bank Balances	1.138	1.398	3.958
	Other Current Assets	2.151	2.108	2.919
	Loans & Advances	7.202	8.007	9.442
Total Current Assets		52.171	74.744	164.580
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	194.920	160.416	161.078
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.320	0.320	0.449
Total Current Liabilities		195.240	160.736	161.527
Net Current Assets		(143.069)	(85.992)	3.053
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		(116.268)	(54.823)	39.152

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	47.489	35.057	90.837
		Other Income
		TOTAL (A)	47.489	35.057	90.837
Less	EXPENSES
		Office Expenses	NA	108.048	116.067
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	108.048	116.067
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	(72.991)	(25.230)
Less	FINANCIAL EXPENSES (D)		NA	14.513	14.948
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	(87.504)	(40.178)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	4.566	5.442
	PROFIT BEFORE TAX (E-F) (G)		(2.474)	(92.070)	(45.620)
Less	TAX (H)		0.000	0.000	0.100
	PROFIT AFTER TAX (G-H) (I)		(2.474)	(92.070)	(45.720)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.902	17.753	52.682
	TOTAL EARNINGS		2.902	17.753	52.682
	IMPORTS
		Raw Materials	0.000	0.000	22.303
	TOTAL IMPORTS		0.000	0.000	22.303
	Earnings Per Share (Rs.)		(5.37)	(199.85)	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.21	262.62	50.33
Return on Total Assets (PBT/Total Assets}	(%)	3.13	86.93	22.73
Return on Investment (ROI) (PBT/Networth)		0.02	0.58	0.69
Debt Equity Ratio (Total Liability/Networth)		1.45	1.63	3.94
Current Ratio (Current Asset/Current Liability)		0.27	0.47	1.02

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Vehicles

· Electrical Installations

· Furniture and Fittings

· Office Equipments

· Computers

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.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	--
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	1
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		17

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.