MIRA INFORM REPORT

Report Date :

28.01.2013

IDENTIFICATION DETAILS

Name :	SAHYOG EXPORTS PRIVATE LIMITED
Registered Office :	Gala No. 9 and 22, Makharia Industrial Complex, Plot No. 27, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.08.2006
Com. Reg. No.:	11-163732
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U51909MH2006PTC163732
TAN No.: [Tax Deduction & Collection Account No.]	MUMS53394F
PAN No.: [Permanent Account No.]	AAKCS0806R
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Leather Ladies and Children Footwear
No. of Employees :	160 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 46000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as decent. Business is active. Payment terms are slow but correct. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Prabhod Doshi
Designation :	Chief Executive Officer
Contact No.:	91-9820671433
Date :	18.01.2013

LOCATIONS

Registered Office / Factory :	Gala No. 9 and 22, Makharia Industrial Complex, Plot No. 27, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-26873628/ 26873835/ 68921785
Mobile No.:	91-9820671433 [Mr. Prabhod Doshi]
Fax No.:	91-22-26874596
E-Mail :	sahyog@vsnl.net djvyas@mtnl.net.in
Location :	Owned

DIRECTORS

AS ON 27.09.2012

Name :	Mr. Samir Suresh Doshi
Designation :	Director
Address :	3/A, Krishna Kunj, 1^st Floor, 212, Walkeshwar Road, Mumbai 400006, Maharashtra, India
Date of Birth/Age :	24.06.1970
Qualification :	BE (Footwear Technologist degree from UK)
Date of Appointment :	10.08.2006
PAN No.:	AAAPD8128Q
DIN No.:	00228998
Name :	Mr. Manish Harshad Doshi
Designation :	Director
Address :	Plot No. 203, 2^nd Floor, Anurag Building, 9, Banganga Cross Lane, Walkeshwar Road, Mumbai 400006, Maharashtra, India
Date of Birth/Age :	21.05.1971
Date of Appointment :	10.08.2006
PAN No.:	AEUPD2496M
DIN No.:	00229675

KEY EXECUTIVES

Name :	Mr. Prabhod Doshi
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS

AS ON 27.09.2012

Names of Shareholders	No. of Shares
Samir Suresh Doshi	49000
Manish Harshad Doshi	49000
Kokila Suresh Doshi	400
Rashmi Samir Doshi	300
Devangi Bijal Doshi	300
Ila Harshad Doshi	500
Deepa Manish Doshi	500
TOTAL	100000

AS ON 27.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Leather Ladies and Children Footwear
Products :	· Ladies Footwear · Children Footwear · Children Leather Footwear
Exports :
Products :	Leather Ladies and Children Footwear
Countries :	Spain · Italy
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

160 (Approximately)

Bankers :

· Central Bank of India

Walkeshwar Branch, Nav Krishna Kunj Premises, 212, Walkeshwar Road, Mumbai – 400 006, Maharashtra, India

Tel. No.: 91-22-23644291

· Central Bank of India

Opera House Branch, Bhaskar Mansion, 1st Floor, 437, Dr. Dadasaheb Bhadkamkar Marg, Opera House, Mumbai - 400004, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowing
Central Bank Of India, Babulnath – Overdraft Facility	3.544	20.056
TOTAL	3.544	20.056

Banking Relations :	--
Auditors :
Name :	Ashwin Shah and Associates Chartered Accountants
Address :	Chemnok House, Office No. 7, 2^nd Floor, Barrack Lane, Dhobitalao, Mumbai -400 020, Maharashtra, India
Tel. No.:	91-22-66224311/ 66317919/ 66317920
Fax No.:	91-22-22068659
E-Mail :	akso1979@gmail.com shrenikashah@gmail.com
PAN No.:	AACPS1021K

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.692	7.203	5.209
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.692	8.203	6.209
LOAN FUNDS
1] Secured Loans		3.544	20.056	5.488
2] Unsecured Loans		18.010	18.161	18.757
TOTAL BORROWING		21.554	38.217	24.245
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		33.246	46.420	53.180
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.862	5.049	4.887
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.262	0.253	0.256
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.901	29.340	23.051
	Sundry Debtors	45.020	38.739	40.702
	Cash & Bank Balances	13.954	8.436	14.477
	Other Current Assets	0.000	0.000	0.010
	Loans & Advances	10.468	10.533	14.940
Total Current Assets		86.343	87.048	93.180
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	56.346	43.500	43.363
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.875	2.430	1.780
Total Current Liabilities		58.221	45.930	45.143
Net Current Assets		28.122	41.118	48.037
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		33.246	46.420	53.180

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	334.932	228.043	186.523
		Duty Drawback	12.141	16.807	15.615
		Other Income	7.973	10.009	2.130
		TOTAL (A)	355.046	254.859	204.268
Less	EXPENSES
		Office Expenses
		Administrative Expenses	346.321	249.449	202.201
		Advertising Expenses
		TOTAL (B)	346.321	249.449	202.201
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.725	5.410	2.067
Less	FINANCIAL EXPENSES (D)		3.065	1.485	1.078
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.660	3.925	0.989
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.790	0.811	0.724
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		4.870	3.114	0.265
Less	TAX (H)		1.366	0.581	0.807
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		3.504	2.533	(0.542)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	164.803	159.533	169.166
	TOTAL EARNINGS		164.803	159.533	169.166
	Earnings Per Share (Rs.)		35.04	25.33	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.99	0.99	(0.27)
Net Profit Margin (PBT/Sales)	(%)	1.45	1.37	0.14
Return on Total Assets (PBT/Total Assets}	(%)	5.34	3.38	0.27
Return on Investment (ROI) (PBT/Networth)		0.42	0.38	0.05
Debt Equity Ratio (Total Liability/Networth)		6.82	10.26	16.34
Current Ratio (Current Asset/Current Liability)		1.48	1.90	2.06

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PROFILE:

Subject (the company) was incorporated under the companies act, 1956 under chapter IX on 10^th August 2006. The company succeeds the erstwhile entity sahyog exports (the firm) under the scheme of conversation. All assets and Liabilities of the firm as on 31^st October 2006 were taken over by the company. The company is engaged in manufacturing leather footwear and accessories thereof.

UNSECURED LOAN

Particular	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long term Borrowings
Loans and Advances From Related Parties due to director and shareholders	18.010	18.161
TOTAL	18.010	18.161

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51909MH2006PTC163732
Name of the company	SAHYOG EXPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gala No. 9 and 22, Makharia Industrial Complex, Plot No. 27, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India sahyog@vsnl.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10025378
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Central Bank of India, Opera House Branch, Bhaskar Mansion, 1st Floor, 437, Dr. Dadasaheb Bhadkamkar Marg, Opera House, Mumbai - 400004, Maharashtra, India bmmums0625@centralbank.co.in
Nature of instrument creating charge	Agreement of hypothecation (goods, book debts and other movable assets)
Date of instrument Creating the charge	25.03.2011
Amount secured by the charge	Rs.44.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest as determined by the bank from time to time. Terms of Repayment On demand Margin Nature Of Facility Margin Cash Credit / Pc / PCFC 10% Bills Discounting Against Nil Uncleared Cheque Extent and Operation of the charge To Secure An Aggregate Amount Of Rs.445.00 Lacs Granted By The Bank To The Company As Under :- Rs. In Millions Nature Of Facility Limit Cash Credit / Pc / PCFC 20.000 Bills Discounting Against 24.500 Uncleared Cheque
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The borrower hypothecates by way of first charge in favour of the bank :- (1) Stocks of raw materials such as consumable stores and spares, both present and future, now being or hereafter during the continuance of this agreement brought into or upon or now or hereafter in course of transit to any godowns, jathas or other place of storage at various factories of the borrower or other places whatsoever and wheresoever in the possession or occupation of the borrower. (2) All the present and future book debts, outstanding monies, receivable claims, bills, rights to or immovable properties and movable assets and which are now due, owing or payable to or belonging to the borrower or which may at any time hereafter during the continuance of this security become due, owing, payable or belonging to the borrower in the course its business by any person, firm, company or body corporate, or by the government central or state or Indian railways, any government department, or office, any municipal or local or public or semi government body, or authority or any body corporate or undertaking or project, whatever in the public sector. (3) All the tangible, movable properties and assets of the borrower of whatsoever nature.
Date of instrument modifying the charge	30.01.2010
Particulars of the present modification	The company's account has been transferred from Central Bank of India, Walkeshwar Branch, Mumbai - 400 006 to Central Bank of India, Opera House Branch, Mumbai - 400 004 and the existing limits have been modified as under : PC / PCFC facility (peak period) - Rs.20.000 Millions (increased from Rs.15.000 Millions), EBD / EBRD facility (peak period) - Rs.24.500 Millions (increased from RS.20.000 Millions) and forward contract limit of Rs.40.000 Millions (increased from Rs.35.000 Millions).

FIXED ASSETS

· Factory Gala

· Office Equipment

· Furniture and Fixture

· Plant and Machinery

· Computers Systems

· Vehicles

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 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 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.53.85
UK Pound	1	Rs.85.26.
Euro	1	Rs.71.72

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		44

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.