MIRA INFORM REPORT

Report Date :

11.04.2012

IDENTIFICATION DETAILS

Name :	CONDOR FOOTWEAR (INDIA) LIMITED
Registered Office :	A-1 3503 3504 Sachin GIDC Sachin, Surat – 395008, Gujarat
Country :	India
Financials (as on) :	31.03.2011
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
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 1500000
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 – 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 PARTED BY

Name :	Mr. Rakesh Thakur
Designation :	Accounts Manager
Contact No.:	91-261-3088700
Date :	20.03.2012

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 Thakur)
Fax No.:	91-261-3088727
E-Mail :	mohan@condorinblu.com, condorfootwearindia@drdcs.net
Website :	http://www.condorblu.com
Area :	Owned

DIRECTORS

As on 30.09.2011

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

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	U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA ) LIMITED	Whole-time director	01-04-10	03-08-98	-	Active	NO
2	U19115GJ2008PTC053853	AF FOOT-CARE 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

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	U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA ) LIMITED	Whole-time director	01-04-11	24-11-95	-	Active	NO
2	U19200GJ1999PTC036805	CHIRAG FOOTCARE PRIVATE LIMITED	Director	03-07-01	03-07-01	28-08-08	Active	NO
3	U19201GJ2005PTC051287	CONDOR FOOTWEAR (U.P.) PRIVATE LIMITED	Director	09-10-10	06-10-05	-	Active	NO
4	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

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	U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA ) LIMITED	Whole-time director	01-10-10	15-09-08	-	Active	NO
2	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 30.09.2011

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

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	49.00
Bodies corporate	2.00
Directors or relatives of Directors	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Foot Wear
Products :	· Synthetic and Leather Slippers · Sandals with polyurethane soles for ladies, gents and children..
Exports :
Products :	Foot Ware
Countries :	Dubai, Itdy, Bangladesh
Imports :
Products :	Raw Material
Countries :	· Italy · China
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	L/C, Cash, Credit

PRODUCTION STATUS

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

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Vehicle Loan	3.845	1.823
Working Capital Loan from banks	50.541	0.000
Total	54.386	1.823

Banking Relations :
Auditors :
Name :	S. Gandhi and Associates Chartered Accountants
Address :	3005, World Trade Centre, Ring Road, Surat – 395002, Gujarat, India
Tel No.:	91-261-2310236/2338290
PAN.:	ABPPG8411K
Subsidiaries :	Condor Footware (U.P.) Private Limited (CIN no. U19201GJ2005PTC051287)

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,00	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25,002,79	Equity Shares	Rs.10/- each	Rs.25.003 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		25.003	25.003	25.003
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		350.636	243.921	169.182
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		375.639	268.924	194.185
LOAN FUNDS
1] Secured Loans		54.386	1.823	17.971
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		54.386	1.823	17.971
DEFERRED TAX LIABILITIES		6.396	5.198	5.078
TOTAL		436.421	275.945	217.234
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		150.945	115.983	96.632
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		42.901	43.429	42.902
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	263.208	155.063	105.409
	Sundry Debtors	112.985	71.871	56.976
	Cash & Bank Balances	2.161	3.032	2.753
	Other Current Assets	6.329	4.892	2.588
	Loans & Advances	157.953	75.947	124.680
Total Current Assets		542.636	310.805	292.406
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	159.698	89.453	81.577
	Other Current Liabilities	80.535	17.527	48.523
	Provisions	59.828	87.292	84.606
Total Current Liabilities		300.061	194.272	214.706
Net Current Assets		242.575	116.533	77.700
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		436.421	275.945	217.234

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	734.158	635.943	503.520
		Other Income	56.240	24.290	24.977
		TOTAL (A)	790.398	660.233	528.497
Less	EXPENSES
		Materials	413.798	325.146	276.121
		Operating Expenses	65.187	56.959	55.180
		Administrating and Selling Expenses	120.153	84.526	68.387
		Payment and Benefits to Employees	58.557	34.590	18.585
		Increase / Decrease in Stock	(68.601)	(40.950)	(20.929)
		TOTAL (B)	589.094	460.271	397.344
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		201.304	199.962	131.153
Less	FINANCIAL EXPENSES (D)		3.715	3.224	4.858
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		197.589	196.738	126.295
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.655	16.151	13.207
	PROFIT BEFORE TAX (E-F) (G)		177.934	180.587	113.088
Less	TAX (H)		51.393	62.055	38.711
	PROFIT AFTER TAX (G-H) (I)		126.541	118.532	74.377
	Deferred Tax		1.199	0.119	0.951
	Dividend Deferred for Current Year		17.502	37.504	35.004
	Dividend Distribution Tax		1.125	4.187	5.948
	Total		19.826	41.810	41.903
	PROFIT AFTER TAX AND DIVIDEND		106.715	76.722	32.474
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		243.921	169.182	136.708
Less	APPROPRIATIONS
		Dividend	0.000	1.983	0.000
	BALANCE CARRIED TO THE B/S		350.636	243.921	169.182
	EARNINGS IN FOREIGN CURRENCY		184.317	202.552	224.078
	IMPORTS		62.886	95.426	115.986
	Earnings Per Share (Rs.)		50.61	47.41	29.74

Expected Sales (2011-2012): Rs.70.000 Millions

The above information has been parted by Mr. Rakesh – Accounts Manager

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	16.00	27.35	14.07
Net Profit Margin (PBT/Sales)	(%)	24.23	28.39	22.45
Return on Total Assets (PBT/Total Assets}	(%)	32.79	42.31	29.29
Return on Investment (ROI) (PBT/Networth)		0.47	0.67	0.21
Debt Equity Ratio (Total Liability/Networth)		0.79	0.72	1.19
Current Ratio (Current Asset/Current Liability)		1.80	1.59	1.36

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

PERFORMANCE OF THE COMPANY

2010-2011 (In Millions)	2009-2010 (In Millions)	% INCRESE/(DECREASE)
780.725	669.748	16.57

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.780.700 Millions against Rs.669.700 Millions in the previous year. Profit after tax for the year was Rs. 149.600 Millions as against Rs. 76.700 Millions in the previous year.

2010-2011 (In Millions)	2009-2010 (In Millions)	% INCRESE/(DECREASE)
203.600	205.036	0.70

As compared to previous year, there is slight reduction in export turnover due to more concentration of the management on domestic market and facing high competition in international market. Even thought the export turnover of the company with little reduction are from Rs. 205.036 Millions to Rs. 203.600 Million as compared to previous year. Respectively Company’s previous year foreign exchange earnings is decrease due to reduction in export sales by 9.00 % from Rs. 202.551 Millions to Rs. 184.317 Millions during the financial year 2010.2011.

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 Email: condorfootwearindia@drdce.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80036483
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400021, Maharashtra, India Email: john.fernandes@kotak.com
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. 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.
Short particulars of the property or asset(s) charged (including complete address and 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

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.51.27
UK Pound	1	Rs.81.38
Euro	1	Rs.67.01

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.