MIRA INFORM REPORT

Report Date :

18.02.2012

IDENTIFICATION DETAILS

Name :	GHELI INTERNATIONAL PRIVATE LIMITED (w.e.f. 14.01.2011)
Formerly Known As :	R K FOOTWEAR COMPONENTS INDIA PRIVATE LIMITED R K FOOTWEAR COMPONENTS (INDIA) PRIVATE LIMITED
Registered Office :	204-206, Sidhartha Chambers, Hauz Khas, New Delhi – 110016
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.12.1996
Com. Reg. No.:	55-195014
Capital Investment / Paid-up Capital :	Rs.3.147 Millions
CIN No.: [Company Identification No.]	U19201DL1996PTC195014
TAN No.: [Tax Deduction & Collection Account No.]	DELG13287B
PAN No.: [Permanent Account No.]	AACCR6254N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Heel Moulds.
No. of Employees :	Not Available

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 85000
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 dealing 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

LOCATIONS

Registered Office :	204-206, Sidhartha Chambers, Hauz Khas, New Delhi – 110016, India
Tel. No.:	91-11-41828992
Fax No.:	Not Available
E-Mail :	anilgoyal@akgassociates.com info_dsc@yahoo.in

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Rakeshkumar Labhshanker Bhatt

Designation :

Managing Director

Address :

Plot No.787, Udyog Vihar, Phase – V, Gurgaon – 122001, Haryana, India

Date of Appointment :

23.12.1996

DIN No.:

00704962

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	U19201DL1996PTC195014	GHELI INTERNATIONAL PRIVATE LIMITED	Managing director	23/12/1996	23/12/1996	Active	NO
2	U19120DL2009PTC188156	INTAC COMPONENTS INDIA PRIVATE LIMITED	Director	4/3/2009	4/3/2009	Active	NO

Name :

Mr. Jayesh Kumar Labhshanker Bhatt

Designation :

Director

Address :

Plot No.787, Udyog Vihar, Phase – V, Gurgaon – 122001, Haryana, India

Date of Appointment :

23.12.1996

DIN No.:

00105345

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	U19201DL1996PTC195014	GHELI INTERNATIONAL PRIVATE LIMITED	Director	23/12/1996	23/12/1996	Active	NO
2	U19120DL2009PTC188156	INTAC COMPONENTS INDIA PRIVATE LIMITED	Director	4/3/2009	4/3/2009	Active	NO

Name :

Mr. Bhadresh Labhshanker Bhatt

Designation :

Director

Address :

3, Wavertree Drive, Leicester LE47NX

Date of Birth/Age :

25.03.1965

Date of Appointment :

14.03.2009

DIN No.:

02561713

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	U19120DL2009PTC188156	INTAC COMPONENTS INDIA PRIVATE LIMITED	Director	3/9/2010	14/03/2009	Active	NO
2	U19201DL1996PTC195014	GHELI INTERNATIONAL PRIVATE LIMITED	Additional director	14/03/2009	14/03/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Rakeshkumar Labhshanker Bhatt	104914
Jayesh Kumar Labhshanker Bhatt	104914
Bhadresh Labhshanker Bhatt	104914
Total	314742

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Heel Moulds.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Heel	(Pairs)	575119.00
Mould	(Pairs)	33.00
Platform	(Pairs)	46655.00
Sole	(Pairs)	582323.00
Top	(Pairs)	31221.00
Wedge	(Pairs)	1368281.00

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ICICI Bank Limited

· HDFC Bank Limited

· HSBC Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
ICICI Bank Limited (Secured by Hypothecation of Car)	1.795	0.171
Sundaram Finance Limited Secured by Hypothecation of D G Set)	0.000	0.656
HDFC Bank Limited (Secured by Hypothecation of Car)	1.357	0.863
Total	3.152	1.690
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Shareholders	0.100	0.100
Total	0.100	0.100

Banking Relations :	--
Auditors :
Name :	Anil K. Goyal and Associates Chartered Accountant
Address :	204-206, Siddhartha Chambers, Near IIT, Hauz Khas, New Delhi – 110016, India
PAN No.:	AATFA3051E
Subsidiaries :	· Gheli Worldwide Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Share	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
314742	Equity Share	Rs.10/- each	Rs.3.147 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		3.147	3.147	3.147
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		18.177	11.739	4.821
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		21.324	14.886	7.968
LOAN FUNDS
1] Secured Loans		3.152	1.690	3.919
2] Unsecured Loans		0.100	0.100	0.100
TOTAL BORROWING		3.252	1.790	4.019
DEFERRED TAX LIABILITIES		0.446	0.019	0.075
TOTAL		25.022	16.695	12.062
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.953	33.206	29.346
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.594	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.055	11.975	6.425
	Sundry Debtors	28.067	29.799	15.229
	Cash & Bank Balances	2.815	6.926	5.061
	Other Current Assets	0.000	0.000	2.091
	Loans & Advances	9.878	8.002	5.763
Total Current Assets		64.815	56.702	34.569
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	55.152	49.226	32.113
	Other Current Liabilities	20.990	23.231	17.285
	Provisions	4.198	0.756	2.455
Total Current Liabilities		80.340	73.213	51.853
Net Current Assets		(15.525)	(16.511)	(17.284)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		25.022	16.695	12.062

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	148.092	126.803	83.209
Less	EXPENSES
		TOTAL	130.112	110.865	70.972
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		17.980	15.938	12.237
Less/ Add	DEPRECIATION/ AMORTISATION		6.423	5.994	4.473
	PROFIT BEFORE TAX		11.557	9.944	7.764
Less	TAX		4.452	3.026	2.461
	PROFIT AFTER TAX		7.105	6.918	5.303
	EARNINGS IN FOREIGN CURRENCY		5.798	6.662	4.034
	Earnings Per Share (Rs.)		22.57	21.98	16.85

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.80	5.46	9.33
Return on Total Assets (PBT/Total Assets}	(%)	11.03	11.06	12.15
Return on Investment (ROI) (PBT/Networth)		0.54	0.67	0.12
Debt Equity Ratio (Total Liability/Networth)		3.92	5.04	7.01
Current Ratio (Current Asset/Current Liability)		0.81	0.77	0.67

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered office of the company has been shifted from B-25, New Swastik Niwas, Behind Ganesh Theatre, Thane – 400601, Maharashtra, India, to the present address w.e.f. 16.09.2009.

PERFORMANCE:

The company has earned a profit after tax of Rs.7.105 Millions (previous year profit of Rs.6.918 Millions. The operating results of future years are expected to be better in anticipation of a general improvement in the market sentiment and economy.

FIXED ASSETS:

· Air Conditioner

· Air Receiver

· Computer

· Motor Car

· Electric Equipment

· Heel Mould

· Motor Cycle

· Office Equipment

· Furniture and Fixture

· Plant and Machinery

· Lease Improvement

· Refrigerator

· Scouring Machine

· Battery

· Software

· Truck

· Water Purifier

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.49.25
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

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	YES
--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.