MIRA INFORM REPORT

Report Date :

29.03.2012

IDENTIFICATION DETAILS

Name :	EVEREST TANNERY PRIVATE LIMITED
Registered Office :	184-A, Jajmau, Kanpur - 208 010, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.09.1993
Com. Reg. No.:	20-015719
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U18201UP1993PTC015719
TAN No.: [Tax Deduction & Collection Account No.]	KNPE01019E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Finished Leather
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 910000
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 / Unit 1:	184-A, Jajmau, Kanpur - 208 010, Uttar Pradesh, India
Tel. No.:	91 512 2460649 / 2463706 / 2464287
Fax No.:	91-512-2465722
E-Mail :	everestt@satyam.net.in
Website :	www.everesttannery.com
Unit 2:	A-41, UPSIDC Industrial Area,  Banthar, Unnao - 209 801, Uttar Pradesh, India
Tel. No.:	91-515-2824081

DIRECTORS

As on 29.09.2011

Name :

Mr. Mansoor Ahmed

Designation :

Director

Address :

184-A, Jajmau, Kanpur - 208 010, Uttar Pradesh, India

Date of Appointment :

10.09.1993

DIN No.:

00692541

Name :

Mrs. Farhat Jabee

Designation :

Director

Address :

184-A, Jajmau, Kanpur - 208 010, Uttar Pradesh, India

Date of Appointment :

10.09.1993

DIN No.:

02656388

Name :

Mr. Adil Mansoor

Designation :

Director

Address :

184-A, Jajmau, Kanpur - 208 010, Uttar Pradesh, India

Date of Appointment :

20.03.2001

DIN No.:

02656380

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	U18201UP1993PTC015719	EVEREST TANNERY PRIVATE LIMITED	Director	15/02/2004	15/02/2004	-	Active	NO
2	U19116UP2009PTC038846	ESBECO TANNERY PRIVATE LIMITED	Director	4/12/2009	4/12/2009	-	Active	NO

Name :

Mr. Shariq Mansoor

Designation :

Detector

Address :

184-A, Jajmau, Kanpur - 208 010, Uttar Pradesh, India

Date of Appointment :

23.09.2004

DIN No.:

01275914

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	U18201UP1993PTC015719	EVEREST TANNERY PRIVATE LIMITED	Director	23/09/2004	23/09/2004	-	Active	NO
2	U19116UP2009PTC038846	ESBECO TANNERY PRIVATE LIMITED	Director	4/12/2009	4/12/2009	15/12/2010	Active	NO

Name :

Mr. Nasir Mansoor

Designation :

Director

Address :

184-A, Jajmau, Kanpur - 208 010, Uttar Pradesh, India

Date of Appointment :

25.07.2005

DIN No.:

01276019

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	U18201UP1993PTC015719	EVEREST TANNERY PRIVATE LIMITED	Director	25/07/2005	25/07/2005	-	Active	NO
2	U19116UP2009PTC038846	ESBECO TANNERY PRIVATE LIMITED	Director	4/12/2009	4/12/2009	15/12/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Mansoor Ahmed	20000
Farhat Jabee	20000
Adil Mansoor	20000
Shariq Mansoor	20000
Nasir Mansoor	20000
Total	100000

As on 29.09.2011

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 of Finished Leather
Products :	Belting Leather Upholstery Leather Leather Belts Bags Accessories

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of Saurashtra, Main Branch, Nai Sadak, Kanpur - 208001, Uttar Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Secured Loan	0.000	0.112
Total	0.000	0.112
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Unsecured Loans	14.898	13.305
Total	14.898	13.305

Banking Relations :	--
Auditors :
Name :	Raj Mehrotra and Associates Chartered Accountants
Address :	17/5, Rolland Towers, The Mall, Kampur – 208001, Uttar Pradesh, India
PAN.:	ABIP,0039J

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 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		10.000	10.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		218.684	165.809	124.615
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		228.684	175.809	129.615
LOAN FUNDS
1] Secured Loans		0.000	0.112	0.303
2] Unsecured Loans		14.898	13.305	12.504
TOTAL BORROWING		14.898	13.417	12.807
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
Others (Subsidy)		3.693	3.693	0.000
TOTAL		247.275	192.919	142.422
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		131.087	98.375	84.136
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.342	0.178	19.400
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	139.681	97.100	62.451
	Sundry Debtors	102.299	124.509	58.909
	Cash & Bank Balances	31.375	26.948	22.945
	Other Current Assets	0.000	0.002	0.000
	Loans & Advances	23.699	21.871	3.808
Total Current Assets		297.054	270.430	148.113
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	182.208	176.064	109.229
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		182.208	176.064	109.229
Net Current Assets		114.846	94.366	38.884
MISCELLANEOUS EXPENSES		0.000	0.000	0.002
TOTAL		247.275	192.919	142.422

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
		Turnover	827.032	670.009	580.602
		TOTAL EXPENSES	747.822	600.029	521.561
	PROFIT BEFORE TAX		79.210	69.980	59.041
Less	TAX		26.312	23.786	20.068
	PROFIT AFTER TAX		52.898	46.194	38.973
	Earnings Per Share (Rs.)		528.98	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	18.50	18.97	25.42
Return on Investment (ROI) (PBT/Networth)		0.35	0.40	0.46
Debt Equity Ratio (Total Liability/Networth)		0.68	1.08	0.94
Current Ratio (Current Asset/Current Liability)		1.63	1.54	1.34

LOCAL AGENCY FURTHER INFORMATION

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U18201UP1993PTC015719
Name of the company	EVEREST TANNERY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	184-A, Jajmau, Kanpur - 208 010, Uttar Pradesh, India
This form is for	Creation of charge
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	State Bank of Saurashtra, Main Branch, Nai Sadak, Kanpur - 208001, Uttar Pradesh, India knp.main@sbs.co.in
Nature of instrument creating charge	Original Sale deed dated 25.10.96 of Commercial and Residential land and building at plot no 184/A Jajmau, Kanpur admeasuring 1672 square meters. Value of property as on 31.10.2007 was Rs.15.100 Millions. Property has been mortgaged with the bank since 03.11.2007.
Date of instrument Creating the charge	03.11.2007
Amount secured by the charge	Rs.15.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Bank/RBI's latest instructions rate of interest 9.50% (subject to change from time to time). Terms of Repayment Facility granted in the form of Foreign bill purchase which is in the nature of working capital advance hence no repayment schedule defined. Extent and Operation of the charge Property in the name of Mrs. Farhat Jabee W/o Mr. Mansoor Ahmed and Mr. Adil Mansoor S/o Mr. Mansoor Ahmed mortgaged with the bank on 03.11.07.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Property mortgaged with the bank is situated at 184/A .Jajmau, Kanpur, Uttar Pradesh, India

WEB DETAILS

Profile

Subject the buyer driven organization, was founded by MANSOOR AHMAD with a convection to bring distant people closer, promotes understanding, friendship and co-operation among nations. This name is reckoned in the international leather forums for fusing new knowledge and technologies to create new products for the benefit of all mankind. 

He promoted foreign corporation and understanding, laying foundation of the company with the vision and principal for generations to follow steadfastly.

Working harmoniously with the environment ever alert to concerns of pollution and always promoting a clean and healthy way of life. 

There ability to relate to a customer's requirements and respond with the flexibility of a products made-to-order-and-deliver capability is a definite edge we enjoy over There competition. Combining them with state-of-the-art machinery, the company is engaged in a constant endeav there to set the highest standards in quality, performance, reliability and professionalism. 

Capitalizing on skills and expertise acquired over five decades of chrome and vegetable tanning experience. We maintain quality and standards are assured to meet customer satisfaction. Flexibility and innovative approach helps build a competitive edge over other. The mark of excellence is at There doorsteps. The global client we target under there previe.

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.50.91
UK Pound	1	Rs.81.21
Euro	1	Rs.67.85

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.