MIRA INFORM REPORT

Report Date :

07.03.2012

IDENTIFICATION DETAILS

Name :	FERRARI SHOES INDIA PRIVATE LIMITED
Registered Office :	112/113, SIDCO Industrial Estate, Malumichampatty, Coimbatore – 641021, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.09.2004
Com. Reg. No.:	011325
Capital Investment / Paid-up Capital :	Rs.4.000 Millions
CIN No.: [Company Identification No.]	U19201TZ2004PTC011325
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Distribute, Ladies Rexine Footwear, Rexine Footwear, Light Weight Footwear.
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 300000
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

LOCATIONS

Registered Office :	112/113, SIDCO Industrial Estate, Malumichampatty, Coimbatore – 641021, Tamilnadu, India
Tel. No.:	91-422-3200336/ 3257646/ 2655287
Fax No.:	91-422-2655555
E-Mail :	yasin@ferrarishoes.com ferrari@vkcgroup.com ferrarishoes@vkcgroup.com

DIRECTORS

(AS ON 26.07.2011)

Name :

Mr. Veluthedath Noushad

Designation :

Director

Address :

Prabha Kodinattumukku, Olavanna Post, Kozhikode – 673019, Kerala, India

Date of Birth/Age :

11.05.1970

Date of Appointment :

14.09.2004

DIN No.:

00083945

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	U24134KL1996PTC009856	VEEKESY POLYMERS PRIVATE LIMITED	Director	21-01-97	21-01-97	Active	NO
2	U25209KL1998PTC012195	EMERALD PLASTOMERS PRIVATE LIMITED	Director	30-09-00	30-09-00	Active	NO
3	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Managing director	29-09-09	14-09-04	Active	NO
4	U19201KL2005PTC018043	FERRERO VINYL TECHNOLOGIES PRIVATE LIMITED	Director	26-03-05	26-03-05	Active	NO
5	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Managing director	03-08-09	07-06-06	Active	NO
6	U25191KL2002PTC015519	VEEKESY RUBBER INDUSTRIES PRIVATE LIMITED	Director	29-09-07	29-09-07	Active	NO
7	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	10-12-07	10-12-07	Active	NO
8	U24134KL1994PTC007912	CALTECH POLYMERS PRIVATE LIMITED	Director	30-09-08	06-06-08	Active	NO
9	U19201KA2008PTC048381	VEEKESY SANDALS (INDIA) PRIVATE LIMITED	Managing director	21-11-08	21-11-08	Active	NO
10	U19202KL2009PTC024871	FAYIZ FOOTS PRIVATE LIMITED	Director	14-10-09	14-10-09	Active	NO
11	U19200TZ2009PTC015640	COIMBATORE FOOTWEAR STITCHING WORKS PRIVATE LIMITED	Director	30-11-09	30-11-09	Active	NO
12	U25199KL1998PTC012185	VEEKESY ELASTOMERS PRIVATE LIMITED	Managing director	17-09-10	15-04-10	Active	NO
13	U19200KL2010PTC026340	VKC FOOTWEAR INTERNATIONAL PRIVATE LIMITED	Managing director	13-07-10	13-07-10	Active	NO
14	U19200KL2010PTC026934	VKC FOOTSTEPS (INDIA) PRIVATE LIMITED	Managing director	28-10-10	28-10-10	Active	NO
15	U19121KA2010PTC055821	NANJANGUD STITCHING WORKS PRIVATE LIMITED	Director	10-11-10	10-11-10	Active	NO
16	U91110KL1931NPL001527	THE MALABAR CHAMBER OF COMMERCE	Director	12-11-10	12-11-10	Active	NO
17	U19200KL2010PTC027072	NORTH KERALA FOOTWEAR CONSORTIUM PRIVATE LIMITED	Managing director	13-01-11	23-11-10	Active	NO
18	U19200KL2011PTC029663	VKC FOOTPRINTS GLOBAL PRIVATE LIMITED	Managing director	25-10-11	25-10-11	Active	NO

Name :

Mr. Yasin Naduville Purayil Mustafa

Designation :

Director

Address :

Naduvilepura, South Pullazhi, Pullazhi Post, Trichur – 680012, Kerala, India

Date of Birth/Age :

22.02.1975

Date of Appointment :

14.09.2004

DIN No.:

00590120

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	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Director	14-09-04	14-09-04	Active	NO
2	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Director	04-08-06	04-08-06	Active	NO
3	U19200TZ2009PTC015640	COIMBATORE FOOTWEAR STITCHING WORKS PRIVATE LIMITED	Director	30-11-09	30-11-09	Active	NO
4	U19200KL2011PTC029663	VKC FOOTPRINTS GLOBAL PRIVATE LIMITED	Additional director	29-11-11	29-11-11	Active	NO

Name :

Mr. Veluthedath Abdul Rasheed

Designation :

Director

Address :

Veluthedath House, Kuzhiyandi Paramba P o Nallalam, Kozhikode – 673027 Kerala, India

Date of Birth/Age :

19.11.1975

Date of Appointment :

04.08.2006

DIN No.:

00081804

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	U25199KL1998PTC012185	VEEKESY ELASTOMERS PRIVATE LIMITED	Director	23-02-02	23-02-02	Active	NO
2	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Director	04-08-06	04-08-06	Active	NO
3	U19202KL2005PTC018521	MORBIDO VINYL PRIVATE LIMITED	Director	29-09-07	29-09-07	Active	NO
4	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	30-09-10	26-12-09	Active	NO
5	U19200TZ2009PTC015640	COIMBATORE FOOTWEAR STITCHING WORKS PRIVATE LIMITED	Director	30-09-10	20-05-10	Active	NO
6	U19200KL2010PTC026340	VKC FOOTWEAR INTERNATIONAL PRIVATE LIMITED	Director	13-07-10	13-07-10	Active	NO
7	U19201KA2008PTC048381	VEEKESY SANDALS (INDIA) PRIVATE LIMITED	Director	02-09-10	02-09-10	Active	NO
8	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Director	30-09-10	30-09-10	Active	NO
9	U19200KL2010PTC026934	VKC FOOTSTEPS (INDIA) PRIVATE LIMITED	Director	28-10-10	28-10-10	Active	NO
10	U19121KA2010PTC055821	NANJANGUD STITCHING WORKS PRIVATE LIMITED	Director	24-10-11	24-10-11	Active	NO
11	U19200KL2011PTC029663	VKC FOOTPRINTS GLOBAL PRIVATE LIMITED	Director	25-10-11	25-10-11	Active	NO

Name :

Mr. Mammed Koya VKC

Designation :

Director

Address :

Prabha Kodinattumukku, Olavanna Post, Kozhikode – 673019, Kerala, India

Date of Birth/Age :

05.02.1940

Date of Appointment :

29.09.2009

DIN No.:

00309339

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	U24134KL1994PTC007912	CALTECH POLYMERS PRIVATE LIMITED	Director	13-05-94	13-05-94	-	Active	NO
2	U19201KL2002PTC015170	CALIFER FOOTCARE (INDIA) PRIVATE LIMITED	Director	06-06-08	09-01-02	10-10-08	Active	NO
3	U25191KL2002PTC015519	VEEKESY RUBBER INDUSTRIES PRIVATE LIMITED	Director	05-07-02	05-07-02	-	Active	NO
4	U19201KL2005PTC018011	DIMESCO FOOTCARE INDIA PRIVATE LIMITED	Director	19-03-05	19-03-05	-	Active	NO
5	U45309KL1961SGC001937	KERALA STATE INDUSTRIAL DEVELOPMENT CORPN LTD	Director	14-05-07	14-05-07	15-12-11	Active	NO
6	U91990KL2002NPL015838	NORKA-ROOTS (SEC 25 COMPANY)	Director	18-08-07	18-08-07	29-08-11	Active	NO
7	U25199KL1998PTC012185	VEEKESY ELASTOMERS PRIVATE LIMITED	Director	29-09-07	29-09-07	-	Active	NO
8	U45200KL2007PLC021389	BUILDCON CONSTRUCTION COMPANY LIMITED	Director	19-12-07	09-11-07	-	Active	NO
9	U91110KL1931NPL001527	THE MALABAR CHAMBER OF COMMERCE	Director	25-09-08	25-09-08	12-11-10	Active	NO
10	U19202KL2002PTC015715	SLIPONS INDIA PRIVATE LIMITED	Director	30-09-08	30-09-08	-	Active	NO
11	U19201KL2004PTC017111	DIADORA SHOES PRIVATE LIMITED	Director	30-09-08	30-09-08	-	Active	NO
12	U65929KL1975SGC002736	KERALA SMALL INDUSTRIES DEVELOPMENT CORPORATION LIMITED	Director	20-11-08	20-11-08	18-10-11	Active	YES
13	U19201KA2008PTC048381	VEEKESY SANDALS (INDIA) PRIVATE LIMITED	Director	21-11-08	21-11-08	-	Active	NO
14	U24134KL1996PTC009856	VEEKESY POLYMERS PRIVATE LIMITED	Director	29-06-09	29-06-09	-	Active	NO
15	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Director	03-08-09	03-08-09	-	Active	NO
16	U19202KL2006PTC019643	SMARTAK FOOTCARE PRIVATE LIMITED	Director	18-08-10	09-09-09	-	Active	NO
17	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Director	29-09-09	29-09-09	-	Active	NO
18	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	29-09-09	29-09-09	-	Active	NO
19	U67110KL2009PLC025082	AL BARAKAH FINANCIAL SERVICES LIMITED	Director	23-05-11	30-11-09	23-11-11	Active	NO
20	U19200KL2010PTC025679	VEEKESY SHOES AND ALLIED PRODUCTS INDIA PRIVATE LIMITED	Director	13-03-10	13-03-10	-	Active	NO
21	U19200KL2010PTC026340	VKC FOOTWEAR INTERNATIONAL PRIVATE LIMITED	Director	13-07-10	13-07-10	-	Active	NO
22	U19200KL2010PTC026934	VKC FOOTSTEPS (INDIA) PRIVATE LIMITED	Director	28-10-10	28-10-10	-	Active	NO
23	U15400KL2011PTC027626	MALABAR MEGA FOOD PARK PRIVATE LIMITED	Director	09-02-11	09-02-11	-	Active	NO
24	U19200KL2011PTC029663	VKC FOOTPRINTS GLOBAL PRIVATE LIMITED	Director	25-10-11	25-10-11	-	Active	NO

Name :

Mr. Abdul Razak Veluthedath

Designation :

Director

Address :

Prabha Kodinattumukku, Olavanna Post, Kozhikode – 673019, Kerala, India

Date of Birth/Age :

30.05.1968

Date of Appointment :

29.09.2009

DIN No.:

00305833

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	U25209KL1998PTC012195	EMERALD PLASTOMERS PRIVATE LIMITED	Director	03-04-98	03-04-98	Active	NO
2	U02520TZ1998PTC008691	VEEKESY PLASTOMERS INDIA PRIVATE LIMITED	Director	22-12-98	22-12-98	Active	NO
3	U19202KL2002PTC015715	SLIPONS INDIA PRIVATE LIMITED	Managing director	30-09-08	14-11-02	Active	NO
4	U19201KL2004PTC017111	DIADORA SHOES PRIVATE LIMITED	Managing director	30-09-08	17-05-04	Active	NO
5	U19201KL2005PTC018011	DIMESCO FOOTCARE INDIA PRIVATE LIMITED	Managing director	16-12-09	19-03-05	Active	NO
6	U19202KL2005PTC018521	MORBIDO VINYL PRIVATE LIMITED	Director	10-08-05	10-08-05	Active	NO
7	U19202KL2006PTC019643	SMARTAK FOOTCARE PRIVATE LIMITED	Managing director	09-09-09	22-07-06	Active	NO
8	U25191KL2002PTC015519	VEEKESY RUBBER INDUSTRIES PRIVATE LIMITED	Director	29-09-07	29-09-07	Active	NO
9	U24134KL1996PTC009856	VEEKESY POLYMERS PRIVATE LIMITED	Director	29-06-09	29-06-09	Active	NO
10	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Director	03-08-09	03-08-09	Active	NO
11	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Director	29-09-09	29-09-09	Active	NO
12	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	29-09-09	29-09-09	Active	NO
13	U19202KL2009PTC024871	FAYIZ FOOTS PRIVATE LIMITED	Director	14-10-09	14-10-09	Active	NO
14	U19202KL2009PTC024938	ESSEFSY FOOTWEARS PRIVATE LIMITED	Director	27-10-09	27-10-09	Active	NO
15	U19200KL2010PTC025679	VEEKESY SHOES AND ALLIED PRODUCTS INDIA PRIVATE LIMITED	Managing director	20-04-10	13-03-10	Active	NO
16	U25199KL1998PTC012185	VEEKESY ELASTOMERS PRIVATE LIMITED	Director	17-09-10	15-04-10	Active	NO
17	U19200TZ2009PTC015640	COIMBATORE FOOTWEAR STITCHING WORKS PRIVATE LIMITED	Director	30-09-10	20-05-10	Active	NO

Name :

Mr. Mohammed Veluthedath

Designation :

Director

Address :

1/546 Jashi Mahal Nallalam West, P O Nallalam, Kozhikode – 673027, Kerala, India

Date of Birth/Age :

20.05.1954

Date of Appointment :

29.09.2009

DIN No.:

00306002

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	U25191KL2002PTC015519	VEEKESY RUBBER INDUSTRIES PRIVATE LIMITED	Director	05-07-02	05-07-02	Active	NO
2	U19202KL2006PTC019643	SMARTAK FOOTCARE PRIVATE LIMITED	Director	01-12-06	01-12-06	Active	NO
3	U19201KL2005PTC018043	FERRERO VINYL TECHNOLOGIES PRIVATE LIMITED	Director	29-09-07	29-09-07	Active	NO
4	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	10-12-07	10-12-07	Active	NO
5	U19201KA2008PTC048381	VEEKESY SANDALS (INDIA) PRIVATE LIMITED	Director	21-11-08	21-11-08	Active	NO
6	U24134KL1996PTC009856	VEEKESY POLYMERS PRIVATE LIMITED	Director	29-06-09	29-06-09	Active	NO
7	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Director	03-08-09	03-08-09	Active	NO
8	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Director	29-09-09	29-09-09	Active	NO
9	U19202KL2009PTC024938	ESSEFSY FOOTWEARS PRIVATE LIMITED	Director	27-10-09	27-10-09	Active	NO
10	U25199KL1998PTC012185	VEEKESY ELASTOMERS PRIVATE LIMITED	Director	17-09-10	15-04-10	Active	NO
11	U19200TZ2009PTC015640	COIMBATORE FOOTWEAR STITCHING WORKS PRIVATE LIMITED	Director	30-09-10	20-05-10	Active	NO
12	U19200KL2010PTC026340	VKC FOOTWEAR INTERNATIONAL PRIVATE LIMITED	Director	13-07-10	13-07-10	Active	NO
13	U19200KL2010PTC026934	VKC FOOTSTEPS (INDIA) PRIVATE LIMITED	Director	28-10-10	28-10-10	Active	NO
14	U19121KA2010PTC055821	NANJANGUD STITCHING WORKS PRIVATE LIMITED	Director	24-10-11	24-10-11	Active	NO
15	U19200KL2011PTC029663	VKC FOOTPRINTS GLOBAL PRIVATE LIMITED	Director	25-10-11	25-10-11	Active	NO

Name :

Mr. Rafeeque Veluthedath

Designation :

Director

Address :

Rafeek, P O Kolathara, Kozhikode – 673019, Kerala, India

Date of Birth/Age :

15.05.1977

Date of Appointment :

29.09.2009

DIN No.:

00305950

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	U24134KL1996PTC009856	VEEKESY POLYMERS PRIVATE LIMITED	Managing director	02-05-02	02-05-02	Active	NO
2	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	04-01-03	04-01-03	Active	NO
3	U19202KL2006PTC019643	SMARTAK FOOTCARE PRIVATE LIMITED	Director	01-12-06	01-12-06	Active	NO
4	U19201KA2008PTC048381	VEEKESY SANDALS (INDIA) PRIVATE LIMITED	Director	21-11-08	21-11-08	Active	NO
5	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Director	03-08-09	03-08-09	Active	NO
6	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Director	29-09-09	29-09-09	Active	NO
7	U19200TZ2009PTC015640	COIMBATORE FOOTWEAR STITCHING WORKS PRIVATE LIMITED	Director	30-09-10	20-05-10	Active	NO
8	U19200KL2010PTC026340	VKC FOOTWEAR INTERNATIONAL PRIVATE LIMITED	Director	13-07-10	13-07-10	Active	NO
9	U19200KL2010PTC026934	VKC FOOTSTEPS (INDIA) PRIVATE LIMITED	Director	28-10-10	28-10-10	Active	NO
10	U19121KA2010PTC055821	NANJANGUD STITCHING WORKS PRIVATE LIMITED	Director	10-11-10	10-11-10	Active	NO
11	U19200KL2010PTC027072	NORTH KERALA FOOTWEAR CONSORTIUM PRIVATE LIMITED	Director	23-12-11	13-01-11	Active	NO

Name :

Mr. Veluthedath Jamshad

Designation :

Director

Address :

Veluthedath, P O Nallalam, Kozhikode – 673019, Kerala, India

Date of Birth/Age :

14.09.1984

Date of Appointment :

15.09.2010

DIN No.:

00536752

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	U25199KL1998PTC012185	VEEKESY ELASTOMERS PRIVATE LIMITED	Director	20-11-03	20-11-03	15-04-10	Active	NO
2	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Director	15-09-10	15-09-10	-	Active	NO
3	U19200KL2010PTC026934	VKC FOOTSTEPS (INDIA) PRIVATE LIMITED	Director	29-09-11	06-11-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 26.07.2011)

Names of Shareholders	No. of Shares
Veluthedath Noushad	93424
Yasin Naduville Purayil Mustafa	29985
Mammed Koya VKC	57214
Abdul Razak Veluthedath	74734
Mohammed Veluthedath	10000
P. Abdul Salam	18331
Rafeeque Veluthedath	5000
K. Ummer Farook	10003
Veluthedath Abdul Rasheed	8838
V. Khadeeja	22418
V. Shafija	10088
V. Mumtaz	44188
Hasna Rafeeque	6168
V, Mohammed Abdul Kareem	1335
K C Chacko	4281
K. M. Noushad Ali	2566
P. M. Shiraz	1427
Total	400000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	95.00
Other top fifty shareholders	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and Distribute, Ladies Rexine Footwear, Rexine Footwear, Light Weight Footwear.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Footwear	Pairs	--	--	6146082

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Small Industries development Bank of India

Gowtham Centre, 1055/7, Avinashi Road, Coimbatore – 641018, Tamilnadu, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Federal Bank
Term Loan II	0.000	0.113
Term Loan III	0.162	0.144
Term Loan IV	0.838	0.747
Term Loan V	3.598	5.544
Vehicles Loan	0.275	0.586
Cash credit – Calicut	2.827	9.509
Cash Credit – Coimbatore	0.846	1.803
(against Fixed Assets, Stock and Book Debts)
Total	8.546	18.446
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Shareholders	0.000	3.625
Total	0.000	3.625

Banking Relations :	--
Auditors :
Name :	S. Lakshminarayan Associates Chartered Accountant
Address :	Lakshya, 1056/1, Avinashi Road, Coimbatore – 641018, Tamilnadu, India
PAN No.:	ABBPR2414F
Other Enterprises :	· Veekesy Rubber Industries Private Limited · Veekesy Footcare India Private Limited · Veekesy Elastomer Private Limited · Veekesy Polymers Private Limited · Ferrero Vinyl Technologies Private Limited · Kairali Sales Corporation · Caltech Polymers Private Limited · Smartak Footcare Private Limited · Diadora Shoes lndia Private Limited · Morbido Vinyl Private Limited · Dimesco Footcare India Private Limited · Slipons India Private Limited · Veekesy Sandals India Private Limited · Coimbatore Footwear Stitching Works Private Limited · Ideal Stitching Works · VKC Group Division

CAPITAL STRUCTURE

(AS ON 26.07.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Share	Rs.10/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Share	Rs.10/- each	Rs.4.000 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		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		72.154	54.957	24.928
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		76.154	58.957	28.928
LOAN FUNDS
1] Secured Loans		8.546	18.446	6.943
2] Unsecured Loans		0.000	3.625	5.148
TOTAL BORROWING		8.546	22.071	12.091
DEFERRED TAX LIABILITIES		1.373	2.810	1.990
TOTAL		86.073	83.838	43.009
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		61.886	66.291	47.399
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.422	28.359	14.858
	Sundry Debtors	9.112	11.300	7.845
	Cash & Bank Balances	10.715	21.967	3.747
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	26.739	22.360	15.207
Total Current Assets		85.988	83.986	41.657
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	27.878	23.782	17.267
	Other Current Liabilities	1.500	0.500	0.000
	Provisions	32.423	42.157	28.780
Total Current Liabilities		61.801	66.439	46.047
Net Current Assets		24.187	17.547	(4.390)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		86.073	83.838	43.009

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	418.739	354.687	241.935
		Other Income	4.205	2.168	NA
		TOTAL (A)	422.944	356.855	NA
Less	EXPENSES
		Increase/ (Decrease) in Stock	(7.104)	(9.629)	(0.250)
		Staff Cost	24.023	16.094	NA
		Raw Material Consumed	214.692	153.646	113.420
		Footwear Purchase	0.386	0.490	NA
		Store Consumed	64.136	65.775	NA
		Power and fuel	13.166	12.339	NA
		Stitching Charge	8.126	5.947	NA
		Administrative Expenses	10.947	9.650	NA
		Selling and Distribution Expenses	23.462	19.573	NA
		Donation	0.320	0.300	NA
		Provision for Income Tax Reversed	(0.023)	(1.032)	NA
		TOTAL (B)	352.131	273.153	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		70.813	83.702	43.547
Less	FINANCIAL EXPENSES (D)		0.787	1.593	1.727
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		70.026	82.109	41.820
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.270	12.109	8.169
	PROFIT BEFORE TAX (E-F) (G)		57.756	69.911	33.651
Less	TAX (H)		19.363	24.320	12.251
	PROFIT AFTER TAX (G-H) (I)		38.393	45.591	21.400
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		43.462	21.178	NA
Less	APPROPRIATIONS
		Proposed Dividend	10.000	16.000	NA
		Provision for Tax on Dividend	1.623	2.657	NA
		Interim Dividend Paid	8.000	0.000	NA
		Tax on Interim Dividend	1.329	0.000	NA
		Transfer to General Reserve	4.100	4.650	NA
	BALANCE CARRIED TO THE B/S		56.803	43.462	NA
	EARNINGS IN FOREIGN CURRENCY		21.730	12.313	NA
	Earnings Per Share (Rs.)		95.98	113.98	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.08	12.78	NA
Net Profit Margin (PBT/Sales)	(%)	13.79	19.59	13.91
Return on Total Assets (PBT/Total Assets}	(%)	39.06	46.52	37.79
Return on Investment (ROI) (PBT/Networth)		0.76	1.19	1.16
Debt Equity Ratio (Total Liability/Networth)		0.92	1.50	2.01
Current Ratio (Current Asset/Current Liability)		1.39	1.26	0.90

LOCAL AGENCY FURTHER INFORMATION

Financial Highlights:

The turnover during the current year is Rs.418.739 Millions as compared to Rs.354.687 Millions in the previous year. The total expenditure during the period is Rs.372.316 Millions including Depreciation amounting to Rs.12.270 Millions. The company has made a Net profit of Rs.57.755 Millions.

FIXED ASSETS:

· Land

· Building

· Machinery

· Electrical Machinery

· Moulds and Dies

· Computer

· Other Equipment

· Vehicles

· Furniture

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.50.03
UK Pound	1	Rs.79.32
Euro	1	Rs.66.02

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	YES
--AFFILIATION	YES/NO	NO
--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.