1. Summary Information

		Country	India
Company Name	ALTHAF SHOES PRIVATE LIMITED	Principal Name 1	Mr. Ayyapillai Althaf Ahmed
Status	Satisfactory	Principal Name 2	Mr. Natamkar Nishath Mahal
		Registration #	18-23973
Street Address	Anugraha Apartments, C-Block, 1A, 1^st Floor, No.19, Nungambakkam High Road, Chennai – 600034, Tamilnadu, India
Established Date	07.12.1992	SIC Code	--
Telephone#	91-44-26272527	Business Style 1	Manufacturer
Fax #	91-44-26273051	Business Style 2	Exporter
Homepage	--	Product Name 1	Shoes
# of employees	--	Product Name 2	--
Paid up capital	Rs.5,710,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors 100.00%	Banking	State Bank of India
Public Limited Corp.	No	Business Period	20 years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
Associates	India	Rumana Leather Company	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	355,568,000	Current Liabilities	252,026,000
Inventories	65,702,000	Long-term Liabilities	113,577,000
Fixed Assets	299,393,000	Other Liabilities	77,381,000
Deferred Assets	000	Total Liabilities	442,984,000
Invest& other Assets	190,000	Retained Earnings	272,159,000
		Net Worth	277,869,000
Total Assets	720,853,000	Total Liab. & Equity	720,853,000
Total Assets (Previous Year)	651,374,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	1,936,954,000	Net Profit	92,358,000
Sales(Previous yr)	1,268,738,000	Net Profit(Prev.yr)	76,427,000

MIRA INFORM REPORT

Report Date :

26.06.2012

IDENTIFICATION DETAILS

Name :	ALTHAF SHOES PRIVATE LIMITED
Registered Office :	Anugraha Apartments, C-Block, 1A, 1^st Floor, No.19, Nungambakkam High Road, Chennai – 600034, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.12.1992
Com. Reg. No.:	18-23973
Capital Investment / Paid-up Capital :	Rs.5.710 Millions
CIN No.: [Company Identification No.]	U18209TN1992PTC023973
TAN No.: [Tax Deduction & Collection Account No.]	CHEA01424D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Shoe-Uppers and Full Shoes.
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 1100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having track. Financial position appears to be sound. 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

LOCATIONS

Registered Office :	Anugraha Apartments, C-Block, 1A, 1^st Floor, No.19, Nungambakkam High Road, Chennai – 600034, Tamilnadu, India
Tel. No.:	91-44-26272527 / 28259562 / 28232186
Fax No.:	91-44-26273051
E-Mail :	althafnh@vsnl.net ho@althafshoes.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Ayyapillai Althaf Ahmed

Designation :

Managing Dierctor

Address :

No. 43 Ritherdon Road, Vepery, Chennai – 600007, Tamilnadu, India

Date of Birth/Age :

07.02.1952

Date of Appointment :

07.12.1992

Din No.:

00225399

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	Company/ LLP Status	Defaulting status
1	U18209TN1992PTC023973	ALTHAF SHOES PRIVATE LIMITED	Managing director	07-12-92	07-12-92	Active	NO
2	U73100TN1993GAP026146	AMBUR FDDI SHOE TECHNOLOGY CENTRE	Director	03-11-93	03-11-93	Active	NO
3	U45203TN2001NPL047485	AMBUR ECONOMIC DEVELOPMENT ORGANISATION	Director	20-07-05	20-07-05	Active	NO

Name :

Mr. Natamkar Nishath Mahal

Designation :

Director

Address :

No. 43 Ritherdon Road, Vepery, Chennai – 600007, Tamilnadu, India

Date of Birth/Age :

23.09.1958

Date of Appointment :

07.12.1992

Din No.:

00225407

Name :

Ayyapillai Sidhra Fathima

Designation :

Director

Address :

No. 43 Ritherdon Road, Vepery, Chennai – 600007, Tamilnadu, India

Date of Birth/Age :

15.07.1977

Date of Appointment :

01.06.1998

Din No.:

00225412

Name :

Ayyapillai Sameera Fathima

Designation :

Director

Address :

No. 43 Ritherdon Road, Vepery, Chennai – 600007, Tamilnadu, India

Date of Birth/Age :

09.12.1978

Date of Appointment :

23.08.1999

Din No.:

00225445

Name :

Ayyapillai Sabah Fathima

Designation :

Director

Address :

No. 43 Ritherdon Road, Vepery, Chennai – 600007, Tamilnadu, India

Date of Birth/Age :

21.02.1982

Date of Appointment :

01.12.2000

Din No.:

00225454

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ayyapillai Althaf Ahmed	2755
Natamkar Nishath Mahal	2655
Ayyapillai Sidhra Fathima	100
Ayyapillai Sameera Fathima	100
Ayyapillai Sabah Fathima	100
Total	5710

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Shoe-Uppers and Full Shoes.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Leather Shoes, Shoe-Uppers and Products	0204

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Leather International Branch, MVJ Towers, P. H. Road, Chennai – 600010, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans	13.020	0.000
Working capital loans	97.757	95.897
Hire purchase installment payable	2.800	2.060
Total	113.577	97.957

Banking Relations :	--
Auditors :
Name :	D. Sampthkumar and Company Chartered Accountant
Address :	New No. 5, South Boag Road, T. Nagar, Chennai – 600017, Tamilnadu, India
Pan No.:	AAAFD2288D
Associates :	Rumana Leather Company A.R.S. Footwear Vistas Shoes Athena Shoes

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000	Equity Shares	Rs.1000/- each	Rs.7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5710	Equity Shares	Rs.1000/- each	Rs.5.710 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		5.710	5.710	5.710
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		272.159	239.726	196.700
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		277.869	245.436	202.410
LOAN FUNDS
1] Secured Loans		113.577	97.957	94.123
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		113.577	97.957	94.123
DEFERRED TAX LIABILITIES		8.500	7.480	7.727
TOTAL		399.946	350.873	304.260
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		299.393	267.921	240.511
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.190	0.190	0.190
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	65.702	80.503	93.142
	Sundry Debtors	160.406	146.031	75.424
	Cash & Bank Balances	102.130	95.364	46.703
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	93.032	61.365	46.936
Total Current Assets		421.270	383.263	262.205
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	204.837	259.022	161.034
	Other Current Liabilities	47.189	1.933	9.104
	Provisions	68.881	39.546	28.508
Total Current Liabilities		320.907	300.501	198.646
Net Current Assets		100.363	82.762	63.559
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		399.946	350.873	304.260

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1936.954	1268.738	1420.736
		Other Income	152.337	145.059	145.249
		TOTAL	2089.291	1413.797	1565.985
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	1946.113	1294.616	1479.382
		Financial Charges
		Depreciation
		TOTAL	1946.113	1294.616	1479.382
	PROFIT / (LOSS) BEFORE TAX		143.178	119.181	86.603
Less	TAX		50.820	42.754	24.700
	PROFIT / (LOSS) AFTER TAX		92.358	76.427	61.903
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		211.067	175.700	145.517
Less	APPROPRIATIONS
		Transfer to General Reserve	9.400	7.658	5.000
		Proposed Dividend	51.390	28.550	22.840
		Tax on Dividend	8.535	4.852	3.880
	BALANCE CARRIED TO THE B/S		234.100	211.067	175.700
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1242.284	1242.284	1401.090
	IMPORTS
		Leather and Consumable Shoe Materials	484.182	484.182	747.328
		Capital Goods	22.145	22.145	29.877
	TOTAL IMPORTS		506.327	506.327	777.205
	Earnings / (Loss) Per Share (Rs.)		16175.00	13385.00	10841.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.42	5.40	3.95
Net Profit Margin (PBT/Sales)	(%)	7.39	9.39	6.09
Return on Total Assets (PBT/Total Assets}	(%)	19.87	18.30	17.23
Return on Investment (ROI) (PBT/Networth)		0.52	0.48	0.43
Debt Equity Ratio (Total Liability/Networth)		1.56	1.62	1.45
Current Ratio (Current Asset/Current Liability)		1.31	1.27	1.32

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	No
9) Name of person contacted	No
10) Designation of contact person	No
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	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
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

OPERATIONS:

The performance of the Company during the year was excellent There have been increase in sales and substantial boost in profit during the year as compared to previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company

U18209TN1992PTC023973

Name of the company

ALTHAF SHOES PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

Anugraha Apartments, C-Block, 1A, 1^st Floor, No.19, Nungambakkam High Road, Chennai – 600034, Tamilnadu, India

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

90282683

Type of charge

Immovable property

Book debts

Movable property

Others

Particular of charge holder

State Bank of India, Leather International Branch, MVJ Towers, P. H. Road, Chennai – 600010, Tamilnadu, India

Nature of instrument creating charge

1. Supplemental Agreement of Loan Increase in the overall limit
2. Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit
3. Letter regarding the grant of individual limits within the overall limit
4. EM Letters (2 Nos) all dated 29th March 2010 with respect to Two properties belonging to the company and Two personal properties were delivered to State Bank of India, Kilpauk, Chennai - 600010.

Date of instrument Creating the charge

29.03.2010

Amount secured by the charge

Rs.143.500 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest :

Rate of interest on the Term Loan is 1.00% over SBAR, present effective rate 12.75% p.a.

Terms of repayment :

The Term Loan of Rs.17.500 Millions Repayable in 34 installments.

Period (monthly)	No. of Installment	Installment Amt.	Total Amt.
Jan 2010 - Mar 2010	3	0.515 Millions	0.15
Apr 2010 - Mar 2011	12	0.515 Millions	0.62
Apr 2011 - Mar 2012	12	0.515 Millions	0.62
Apr 2012 - Oct 2012	7	0.515 Millions	0.36

Margin :

Raw Materials - 25%

Stock-in-Process - 25%

Finished Goods - 25%

LG / BG - 10%

Extent and Operation of the charge :

First charge on the current assets, movable assets and immovable assets of the company and personal properties to the extent of Rs.143.500 Millions.

Others :

EPC - Rs.70.000 Millions.

FDB (Non LC) - Rs.10.000 Millions.

Term Loan - Rs.17.500 Millions (New)

Letter of Credit - Rs.10.000 Millions.

Bank Guarantee - Rs.5.000 Millions (sub limit)

Stand by Limit - Rs.18.000 Millions.

Forward Contract - Rs.8.000 Millions.

FDB (LC) - Rs.10.000 Millions.

Total - Rs.143.500 Millions.

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Term Loan - Hypothecation of machinery purchased / to be purchased out of bank finance.

Equitable Mortgage of deposit of title deeds of company's immovable properties details given below:-

1) EM over land measuring 4.96 acres and factory building thereon comprised in S.No.396/1B, 396/3C, 396/5, 395/1, 396/1B situated at 395, Pazhanjur Road of Pazhanjur village, Poonamallee Taluk belonging to the company.

2) EM over 3.06 acres of land and factory building at S.No.22/1, 23/1, 24/1, 24/2, 25/1, 26/2/A of 63 Somalapuram Village, Vaniyambadi Taluk, Ambur, Vellore District belonging to the company.

3) EM over land measuring 4.93 acres and factory building at S.F.No.76/1, 73/2, 77, 78, 79 Komeswaram Village situated at 64, Madras Calicut Road, Komeswaram, Ambur, Vellore Dist belonging to Mr. Althaf Ahmed.

4) (i) EM over land measuring 33 cents on Punja S.No.396/3B

5) (ii) Land comprised in Punja S. No/396/3C measuring 33 cents on all 66 cents both situated at No.100 at Mevalur Kuppam (B) Palanjur Village, Sriperumbudur Taluk, Chengelpet, Ann District measuring and situated within Sub Registration District of Poonamallee and Registration District Thiruvallur.

Date of instrument modifying the charge

17.11.2006

Particulars of the present modification

By the present Modification,

The various credit facilities enjoyed by the company now has been reduced to Rs.143.500 Millions.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Electrical Installation
• Vehicles
• Furniture and Fixtures
• Office Equipments
• Computers
• Air Conditioner

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.56.53
UK Pound	1	Rs.88.09
Euro	1	Rs.70.83

INFORMATION DETAILS

Report Prepared by :

TPT

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.