MIRA INFORM REPORT

Report Date :

04.02.2012

IDENTIFICATION DETAILS

Name :	KANGAROO LEATHER PRIVATE LIMITED
Registered Office :	1, Manasi Co-Operative Housing Society Limited, Daji Ramchandra Road, Charai, Thane (West), Thane – 400601, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.12.2002
Com. Reg. No.:	11-138118
Capital Investment / Paid-up Capital :	Rs.0.720 Million
CIN No.: [Company Identification No.]	U19100MH2002PTC138118
TAN No.: [Tax Deduction & Collection Account No.]	PNEK05099D
PAN No.: [Permanent Account No.]	AABCK9798F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Leather Belts and Leather Wallets.
No. of Employees :	27 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 24000
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.

INFORMATION PARTED BY

Name :	Mr. Hamid
Designation :	Manager
Contact No.:	91-9320607597
Date :	02.02.2012

LOCATIONS

Registered Office :	1, Manasi Co-Operative Housing Society Limited, Daji Ramchandra Road, Charai, Thane (West), Thane – 400601, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9320607597 (Mr. Hamid)
Fax No.:	Not Available
E-Mail :	tmihir@vsnl.com rrranadeco@yahoo.co.in
Factory :	PAPR-64, M.I.D.C, Above Lalji Mulji Transport, Rabale Naka,Navi Mumbai - 400701, Maharashtra, India
Tel No.:	91-22-27607597
Fax No.:	91-22-27607597

DIRECTORS

As on 28.09.2010

Name :	Mrs. Meera Rajesh Bhat
Designation :	Director
Address :	23, Gurubhakti Society, Kholi No.33, G V Scheme Road No.2, Mulund (East), Mumbai – 400081, Maharashtra, India
Date of Birth/Age :	06.19.1964
Date of Appointment :	14.02.2008
DIN No.:	00585403

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	U65990MH1985PTC036237	Devaki Investments and Trading Enterprises Private Limited	Director	16-05-85	16-05-85	Active	NO
2	U24134MH1994PTC076966	Devaki Multifilms Private Limited	Director	01-09-94	01-09-94	Strike off	NO
3	U19100MH2002PTC138118	Kangaroo Leather Private Limited	Director	14-02-08	14-02-08	Active	NO

Name :	Mr. Ninad Ramesh Jaywant
Designation :	Director
Address :	104, Vrindavan Chaya Society, Sahakar Colony, Naupada, Thane (West), Thane – 400602, Maharashtra, India
Date of Birth/Age :	09.07.1961
Date of Appointment :	04.12.2002
DIN No.:	00585493

Other Directors

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	U19100MH2002PTC138118	Kangaroo Leather Private Limited	Director	04-12-02	04-12-02	-	Active	NO
2	U25200MH2003PTC138644	Shree Krishna Polyfilms Private Limited	Director	13-01-03	13-01-03	03-06-08	Active	NO
3	U45200MH2008PTC182542	NVK Industrial Infrastructure Private Limited	Director	22-05-08	22-05-08	-	Active	NO

Name :	Mrs. Nayana Sudhir Vaidya
Designation :	Director
Address :	Viadya House, M G. Road, Opposite Exchange, Naupada, Thane (West), Thane – 400602, Thane (West), Maharashtra, India
Date of Birth/Age :	05.01.1949
Date of Appointment :	04.12.2002
DIN No.:	02441333

KEY EXECUTIVES

Name :	Ms. Kavita
Designation :	Operator
Name :	Mr. Hamid
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2010

Names of Shareholders	No. of Shares
Nayana Sudhir Vaidya	26250
Ninad Ramesh Jaywant	7500
Pournima Rajendra Ranade	1250
Meera Rajesh Bhat	19500

As on 28.09.2010

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 Leather Belts and Leather Wallets.
Products :	· Leather Belts · Leather Wallets
Exports :
Products :	· Leather Belts · Leather Wallets
Countries :	Gulf Countries
Imports :
Products :	Raw materials
Countries :	· Italy · Spain

GENERAL INFORMATION

Suppliers :

· Arihant Enterprises

· B.J.Impex

· Chintan Trading

· Growmore International

· Harman Sales Private Limited

· Labour Contractor

· Indian Leather Machine

· Mangalmurti Industires

· Mayur Print -N-.Pack

· Naagu Leathers

· N. R. Associates

· Rasulbhai Adamji and Company

· Razdan Group

· S.S. International

· Sundata Processing

· Synat Tread Industries

· Taurian Iron and Steel Company Private Limited

· Western Steel Traders

· United Sales Agencies

Customers :

· Al Lawal Gen. Trading LLC

· Avinash Enterprises

· Beharilal Naraindas

· Chaitra Enterprises

· Contour Leather

· Cavan Fashion

· Inma Enterprises

· International Corporation

· Mark and Orion Trading

· Overseas Traders

· Raymond Apparel Limited

No. of Employees :

27 (Approximately) (In Office + In Factory)

Bankers :

· Indian Bank, Dharavi Branch, Ground Floor, Dhuri Tower, 90 Feet Road, Dharavi, Mumbai - 400017,Maharashtra, India

· The Saraswat Co-Operative Bank Limited, Naupada, “Aai” Baji Prabhu Deshpande Marg, Veer Savarkar Chowk, Naupada, Thane (West), Thane – 400602, Maharashtra, India

Facilities :

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Shareholders
Alam	0.000	0.300
Atul L. Desai	0.450	0.450
Bharat Desai	0.200	0.200
Rita A..Desai	0.500	0.500
Shalish Desai	0.200	0.200
Sushila K. Desai	0.300	0.300
Creditors for Capital Goods
Meghdoot Enterprises	0.750	0.000
Total	2.400	1.950

Banking Relations :	--
Auditors :
Name :	Rajendra Raghunath Ranade and Company Chartered Accountants
Address :	Casa Piedade, 1st Floor, Near Shivsena Shakha, Charai, Thane - 400601, Maharashtra, India
PAN.:	ACRPR7904F

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.10/- each	Rs.0.800 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72000	Equity Shares	Rs.10/- each	Rs.0.720 Million

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		0.720	0.720	0.720
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.173	4.186	3.173
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.893	4.906	3.893
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		2.400	1.950	1.650
TOTAL BORROWING		2.400	1.950	1.650
DEFERRED TAX LIABILITIES		0.095	0.063	0.045
TOTAL		8.388	6.919	5.588
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.035	0.823	1.111
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.025	0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.528	4.060	7.167
	Sundry Debtors	13.352	6.950	7.560
	Cash & Bank Balances	0.363	0.278	0.408
	Other Current Assets	0.107	0.876	0.000
	Loans & Advances	0.881	2.556	1.006
Total Current Assets		17.231	14.720	16.141
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.455	2.022	6.032
	Other Current Liabilities	4.564	6.455	4.541
	Provisions	0.884	0.172	1.116
Total Current Liabilities		11.903	8.649	11.689
Net Current Assets		5.328	6.071	4.452
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8.388	6.919	5.588

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	50.555	32.267	36.120
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.057	1.179	1.238
Less/ Add	DEPRECIATION/ AMORTISATION		0.255	0.165	0.205
	PROFIT BEFORE TAX		1.802	1.014	1.033
Less	TAX		0.001	0.001	0.001
	PROFIT AFTER TAX		1.801	1.013	1.034
	BALANCE CARRIED TO THE B/S		1.801	1.013	1.034
	Earnings Per Share (Rs.)		25.01	14.07	14.36

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	3.56	3.14	2.86
Return on Total Assets (PBT/Total Assets}	(%)	8.89	6.52	5.99
Return on Investment (ROI) (PBT/Networth)		0.31	0.21	0.27
Debt Equity Ratio (Total Liability/Networth)		2.43	2.16	3.43
Current Ratio (Current Asset/Current Liability)		1.45	1.70	1.38

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors for Goods	0.000	0.000
Arihant Enterprises	0.000	0.278	0.278
B.J.Impex	0.341	0.397	0.370
Chintan Trading	0.000	0.120	0.000
Cozy Airlink Private Limited	0.000	0.000	0.033
Fairmount Marketing Limited	0.000	0.000	0.036
Growmore International	4.936	0.000	4.161
Harman Sales Private Limited	0.000	0.002	0.000
Labour Contractor	0.019	0.000	0.000
Indian Leather Machine	0.000	0.011	0.001
Mangalmurti Industires	0.010	0.000	0.000
Mayur Print -N-.Pack	0.149	0.145	0.070
NOBLE LEATHER STORES	0.000	0.000	0.029
Naagu Leathers	0.130	0.000	0.000
N. R. Associates	0.000	0.247	0.000
Rasulbhai Adamji and Company	0.005	0.080	0.000
Razdan Group	0.000	0.006	0.000
SAMARTH PACKAGING	0.000	0.000	0.024
SAVIJAY PACK	0.000	0.000	0.063
SUPRABHA SHIPPING AGENCY	0.000	0.000	0.128
S.S. International	0.139	0.000	0.000
Sundata Processing	0.006	0.001	0.000
SMOOTH MACHINE TOOLS	0.000	0.000	0.239
Synat Tread Industries	0.000	0.005	0.000
Taurian Iron and Steel Company Private Limited	0.000	0.400	0.600
Western Steel Traders	0.000	0.053	0.000
United Sales Agencies	0.720	0.277	0.000
	6.455	2.022	6.032

Note:

The Registered office has shifted from “Flat No 32, Deepashree Co-Operative Housing Society Limited, M G Road, Naupada, Thane (West), Thane – 400602, Maharashtra, India” to the present address w.e.f. 14.02.2008.

Form 8:

Corporate identity number of the company	U19100MH2002PTC138118
Name of the company	KANGAROO LEATHER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1, Manasi Co-Operative Housing Society Limited, Daji Ramchandra Road, Charai, Thane – 400601, Maharashtra, India Email : tmihir@vsnl.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10192885
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Indian Bank, Dharavi Branch, Ground Floor, Dhuri Tower, 90 Feet Road, Dharavi, Mumbai - 400017,Maharashtra, India E-Mail : dharavi@indianbank.co.in
Nature of instrument creating charge	Agreement for Open Cash Credit (Stocks / Book Debts
Date of instrument Creating the charge	04.11.2010
Amount secured by the charge	Rs.8.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Open Cash Credit : BR + 1.75% + 0.50% p.a. (Presently 10.75% p.a.) Import / Inland LC : Commission as per rule. Terms of repayment Repayable on Demand. Margin Open Cash Credit : 25% on Stocks and Book Debts. Import / Inland LC : 10% Extent and operation of the charge The charge is to operate as security, by way of first exclusive charge, for the due repayment of the credit facility of Rs.8.500 Millins together with interests, additional interests, costs, charges, expenses and all other moneys payable by the Company to the Bank in terms of sanction. Others Facilities Limits (Rs. in Millions) Existing Revised ------------------------ ----------- ----------- Open Cash Credit 5.000 7.500 Import / Inland LC 1.000 1.000 ----------- ------------ Total 6.000 8.500 ====== =======
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation, by way of first charge, of all the Company's : a) Goods, produce, merchandise, stock stored or to be stored from time to time in premises at PAPR-64, MIDC, Rabale Naka, Above Lalji Mulji Transport, Thane-Belapur Road, Navi Mumbai - 400 701, Maharashtra, India b) Book debts, receivables and other claims which may due and owing to the Company from time to time
Particulars of the present modification	The Open Cash Credit limit has been enhanced from Rs.5.000 Millions to Rs.7.500 Millions and Import / Inland LC limit of Rs.1.000 Millions remains unchanged. Thus, the total amount secured by the charge stands enhanced from Rs.6.000 Millions to Rs.8.500 Millions.

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.48.96
UK Pound	1	Rs.77.47
Euro	1	Rs.64.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
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	4
--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		43

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.