1. Summary Information

		Country	India
Company Name	GOOD LEATHER SHOES PRIVATE LIMITED	Principal Name 1	Mr. K. R. Vijayan
Status	Moderate	Principal Name 2	Mr. K. R. Babu
		Registration #	18-28398
Street Address	No. 47, Thiruvengadam Street, Periamet, Chennai – 600 003, Tamilnadu
Established Date	24.08.1994	SIC Code	--
Telephone#	91-44-25368090/ 25365955/ 25380512/ 25611255/ 25611090	Business Style 1	Manufacturer
Fax #	91-44-25380512/ 25610512	Business Style 2	Exporter
Homepage	www.goodleather.net	Product Name 1	Shoe Upeers
# of employees	175 (Approximately)	Product Name 2	--
Paid up capital	Rs. 109,000,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors (100.00%)	Banking	State Bank of India
Public Limited Corp.	NO	Business Period	18 years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	B (36)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	143,232,000	Current Liabilities	62,069,000
Inventories	122,666,000	Long-term Liabilities	2,18,690,000
Fixed Assets	107,961,000	Other Liabilities	8,854,000
Deferred Assets	0,000	Total Liabilities	289,613,000
Invest& other Assets	89,632,000	Retained Earnings	64,878,000
		Net Worth	173,878,000
Total Assets	463,491,000	Total Liab. & Equity	463,491,000
Total Assets (Previous Year)	397,982,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	NA	Net Profit	NA
Sales(Previous yr)	NA	Net Profit(Prev.yr)	NA

MIRA INFORM REPORT

Report Date :

28.08.2012

IDENTIFICATION DETAILS

Name :	GOOD LEATHER SHOES PRIVATE LIMITED
Registered Office :	No. 47, Thiruvengadam Street, Periamet, Chennai – 600 003, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.08.1994
Com. Reg. No.:	18-28398
Capital Investment / Paid-up Capital :	Rs. 109.000 millions
CIN No.: [Company Identification No.]	U19201TN1994PTC028398
TAN No.: [Tax Deduction & Collection Account No.]	CHEG05011G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Shoe Uppers.
No. of Employees :	175 (Approximately) (20 in office, 5 in Branch and 150 in Factory)

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 690000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some dip in the profits during 2011. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB (Long Term Loan)
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	04.10.2011

Rating Agency Name	CRISIL
Rating	A3 (Letter of Credit)
Rating Explanation	Moderate degree of safety
Date	04.10.2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Administrative Office :	No. 47, Thiruvengadam Street, Periamet, Chennai – 600003, Tamilnadu, India
Tel. No.:	91-44-25368090/ 25365955/ 25380512/ 25611255/ 25611090
Fax No.:	91-44-25380512/ 25610512
E-Mail :	goodleather@goodleathergroup.com goodledr@md4.vsnl.net.in goodledr@touchtelindia.net goodledr@goodleather.net goodler@md4.vsnl.net.in goodleather@yahoo.com
Website :	www.goodleather.net
Area :	Owned
Factory 1 :	49, Goparasanallur, Puliampedu, Noombal Post, Chennai – 600077, Tamilnadu, India
Tel. No.:	91-44-25380512/26272759/26496310
Factory 2 :	158, Thiruneermalai Road, Chrompet, Chennai – 600044, Tamilnadu, India
Tel. No.:	91-44-22412727
Fax No.:	91-44-25380512
Factory 3 :	702/6, M. B. T. Road Cross, Rainpet, Tamilnadu, India
Factory 4 :	41/3 A, Vayalur Road, Thodukadu Village, Thiruvallur Dt.
Tel. No.:	91-44-27658215 / 44-27658216
Fax No.:
Factory.5:	136, Arakkonam Road, Namchivayapuram Village, Thodukadu, P.O Thiruvallur Dt.
Tel. No.:	91-44-27658427 / 44-27658574
Factory .6:	79/62, Anna Salai, Nageikeni, Chrompet, Chennai - 600044
Tel. No.:	91-44-22483824 / 44-22483834

DIRECTORS

As on 30.09.2011

Name :

Mr. Kethini Ramaswamy Babu

Designation :

Managing Director

Address :

34, Second East Main Road, Gandhinagar, Vellore – 632001, Tamilnadu, India

Date of Birth/Age :

16.03.1969

Date of Appointment :

24.08.1994

DIN No:

00590116

Name :

Mr. Kamma Ramasamy Vijayan

Designation :

Director

Address :

34, Second East Main Road, Gandhinagar, Vellore – 632001, Tamilnadu, India

Date of Birth/Age :

01.06.1953

Date of Appointment :

24.08.1994

DIN No:

01750645

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U19201TN1994PTC028398	GOOD LEATHER SHOES PRIVATE LIMITED	Managing director	24/08/1994	24/08/1994	-	Active	NO
2	U19119TN1984PTC010764	VENKAT SHOES PRIVATE LIMITED	Managing director	07/11/2001	07/11/2001	-	Active	NO
3	U19112TN2007PTC062811	GOOD SHOE COMPONENTS PRIVATE LIMITED	Director	21/03/2007	21/03/2007	-	Active	NO

Name :

Mr. K. Govinda Raju

Designation :

Director

Address :

34, Second East Main Road, Gandhinagar, Vellore – 632001, Tamilnadu, India

Date of Birth/Age :

01.07.1946

Date of Appointment :

24.08.1994

Name :

Mr. K. R. Munikannan

Designation :

Director

Address :

34, Second East Main Road, Gandhinagar, Vellore – 632001, Tamilnadu, India

Date of Birth/Age :

28.05.1970

Date of Appointment :

24.08.1994

Name :

Mr. R. Perumal

Designation :

Director

Address :

34, Second East Main Road, Gandhinagar, Vellore – 632001, Tamilnadu, India

Date of Birth/Age :

22.03.1962

Date of Appointment :

24.08.1994

Name :

Mr. R. Sekaran

Designation :

Director

Address :

34, Second East Main Road, Gandhinagar, Vellore – 632001, Tamilnadu, India

Date of Birth/Age :

28.05.1960

Date of Appointment :

24.08.1994

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
K. R. Vijayan	278000
K. R. Babu	162400
R. Sekaran	162400
R. Perjmal	162400
K. R. Munikannan	162400
K. Govinda Raju	162400
Total	1090000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Shoe Uppers.

GENERAL INFORMATION

No. of Employees :

175 (Approximately) (20 in office, 5 in Branch and 150 in Factory)

Bankers :

· State Bank of India, Commercial Branch, 1^st Floor, Palar Towers, Walajapet – 632513, Tamilnadu, India

· ABN Amro Bank

· HDFC Bank

· ICICI Bank

· Indian Bank

· Axis Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	9.794	30.198
Working capital loans banks secured	172.651	119.690
Loans taken for vehicles secured	1.349	2.560
Loans taken for other fixed assets secured	34.896	41.755
Total	218.690	194.203

Banking Relations :	--
Auditors :
Name :	K. V. Chandramouli and Company Chartered Accountant
Address :	36, Thennamaram Street, Vellore – 632001, Tamilnadu, India
PAN No:	AAGPD2167H

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1100000	Equity Shares	Rs.100/- Each	Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1090000	Equity Shares	Rs.100/- Each	Rs.109.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.0.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		109.000	109.000	19.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		64.878	35.845	59.698
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		173.878	144.845	79.448
LOAN FUNDS
1] Secured Loans		218.690	194.203	132.657
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		218.690	194.203	132.657
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		392.568	339.048	212.105
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		107.961	116.618	108.415
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		89.632	96.855	21.740
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	122.666	67.886	41.543
	Sundry Debtors	98.796	83.192	59.379
	Cash & Bank Balances	14.283	15.866	15.688
	Other Current Assets	20.897	12.387	15.532
	Loans & Advances	9.256	5.177	4.983
Total Current Assets		265.898	184.508	137.125
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	62.069	52.394	049.599
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	8.854	6.539	5.576
Total Current Liabilities		70.923	58.933	55.175
Net Current Assets		194.975	125.575	81.950
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		392.568	339.048	212.105

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES
	TOTAL	NA	NA	NA
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		63.809	66.571	48.318
FINANCIAL EXPENSES		19.348	14.608	11.056
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		44.461	51.963	37.262
DEPRECIATION/ AMORTISATION		15.427	16.566	14.429
PROFIT BEFORE TAX		29.034	35.397	22.833
TAX		NA	NA	NA
PROFIT AFTER TAX		NA	NA	NA
EARNINGS IN FOREIGN CURRENCY		753.381	743.980	625.636
IMPORTS		NA	NA	149.680
Earnings Per Share (Rs.)		NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	7.76	11.75	4.18
Return on Investment (ROI) (PBT/Networth)		0.17	0.24	0.28
Debt Equity Ratio (Total Liability/Networth)		1.67	1.74	2.36
Current Ratio (Current Asset/Current Liability)		3.75	3.13	2.49

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Bankers Charges Report as per Registry

Corporate identity number of the company	U19201TN1994PTC028398
Name of the company	GOOD LEATHER SHOES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 47, Thiruvengadam Street, Periamet, Chennai – 600003, Tamilnadu, India goodler@md4.vsnl.net.in
This form is for	Creation of charge
Type of charge	Corporate Guarantee To Good Leather Company
Particular of charge holder	State Bank of India, Commercial Branch, 1^st Floor, Palar Towers, Walajapet – 632513, Tamilnadu, India Sbi.04035@sbi.co.in
Nature of instrument creating charge	Guarantee Agreement dated 20/08/2011
Date of instrument Creating the charge	20.08.2011
Amount secured by the charge	Rs.101.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per agreement Terms of Repayment Working Capital under SBI EGC scheme is valid for three years from date of sanction. Margin As per agreement Extent and Operation of the charge Corporate Guarantee
Short particulars of the property charged	Corporate Guarantee facility guaranteed to Good Leather Company

Fixed Assets:

· Land

· Building

· Furniture and Fixtures

· File Pack

· Wall Fans

· Vacuum Cleaner

· Interior Décor

· Machinery

· Conveyor Dub

· Bus

· EPBX

· Stabilizer

· Air-conditioner

· Power Equipments

· Fax/ Copier

· Fire Extinguisher

· TVS 50

· Generator

· Ficher Van

· Electrical Installations

· Computer and Accessories

· Software

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.55.59
UK Pound	1	Rs.87.87
Euro	1	Rs.69.50

INFORMATION DETAILS

Report Prepared by :

DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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		36

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.