MIRA INFORM REPORT

Report Date :

25.06.2013

IDENTIFICATION DETAILS

Name :	AHMED TANNERY PRIVATE LIMITED
Registered Office :	10/1/A, Topsia Road (South) Kolkata – 700046, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.02.2002
Com. Reg. No.:	21-094236
Capital Investment / Paid-up Capital :	Rs. 4.972 millions
CIN No.: [Company Identification No.]	U29113WB2002PTC094236
TAN No.: [Tax Deduction & Collection Account No.]	CALA06729C
PAN No.: [Permanent Account No.]	AADCA5411B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Leather and Goods.
No. of Employees :	Not Available

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 91000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments terms are usually correct and as per commitment. The company can be considered for business dealings with some caution. Profit and loss account of the company is not available.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE2B
Rating Explanation	High performance capability and moderate financial strength.
Date	31.10.2012

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.

LOCATIONS

Registered Office / Corporate Office/ Factory :	10/1/A, Topsia Road (South) Kolkata – 700046, West Bengal, India
Tel. No.:	91-33-23448683/8684/8685
Fax No.:	91-33-23448992
E-Mail :	info@ahmedtannery.com/ mfhaque@rediffmail.com
Tannery Office :	Plot No. 185,186 and 187, Zone – 2, 24 Paraganas (South), Karaidanga -743 502, West Bengal, India
E-Mail :	atculcutta@vsnl.net

DIRECTORS

As on 30.09.2012

Name :	Mr. Shakil Ahmed
Designation :	Director
Address :	32/11, Miajan Ostagar Lane, Kolkata – 700017, West Bengal, India
Date of Birth/Age :	13.10.1966
Date of Appointment :	15.02.2002
PAN No.:	ADLPA0450A
DIN No.:	00441093
Name :	Ms. Shamina Ahmed
Designation :	Director
Address :	32/11, Miajan Ostagar Lane, Kolkata – 700017, West Bengal, India
Date of Birth/Age :	12.04.1973
Date of Appointment :	01.04.2004
PAN No.:	AERPA5603C
DIN No.:	00446415
Name :	Mrs. Sayeeda Shakil Ahmed
Designation :	Director
Address :	32/11, Miajan Ostagar Lane, Kolkata – 700017, West Bengal, India
Date of Birth/Age :	11.01.1971
Date of Appointment :	01.04.2004
PAN No.:	AERPA5604F
DIN No.:	00442448

MAJOR SHAREHOLDERS

As on 30.09.2012

Names of Shareholders	No. of Shares
Shakil Ahmed	241500
Shamina Ahmed	57500
Sayeeda Shakil Ahmed	75750
Mohammed Ahmed	122458
Total	497208

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Leather and Goods.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of India, SME Branch, 23A, Netaji Subhas Road, Kolkata – 700001, West Bengal, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Bill purchase account	9.160	7.675
Packing credit limit	10.695	12.324
Tata motors finance limioted	0.000	0.046
HDFC Bank liited	0.237	0.361
Total	20.092	20.406

Banking Relations :	---
Auditors :
Name :	Q A RAHMAN Chartered Accountants
Address :	7/2G, Abinash Chowdhury Lane, Kolkata – 700046, West Bengal, India
Mobile No.:	91-9903076473
PAN No.:	ACHPR4409D

CAPITAL STRUCTURE

As on 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs. 9.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
497208	Equity Shares	Rs.10/- each	Rs. 4.972 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.972	4.972
(b) Reserves & Surplus	17.845	14.045
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	22.817	19.017
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	20.092	20.406
(b) Trade payables	32.867	50.640
(c) Other current liabilities	4.010	2.785
(d) Short-term provisions	4.983	3.241
Total Current Liabilities (4)	61.952	77.072
TOTAL	84.769	96.089
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.049	14.562
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	7.736	6.325
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.537	0.555
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	23.322	21.442
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	26.161	48.709
(c) Trade receivables	25.634	15.441
(d) Cash and cash equivalents	4.335	0.957
(e) Short-term loans and advances	5.050	7.675
(f) Other current assets	0.267	1.865
Total Current Assets	61.447	74.647
TOTAL	84.769	96.089

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.972
2] Share Application Money		1.123
3] Reserves & Surplus		9.940
4] (Accumulated Losses)		0.000
NETWORTH		16.035
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		16.035
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.463
Capital work-in-progress		0.000
INVESTMENT		5.262
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	36.961
	Sundry Debtors	28.197
	Cash & Bank Balances	1.346
	Other Current Assets	2.222
	Loans & Advances	5.770
Total Current Assets		74.496
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73.121
	Other Current Liabilities
	Provisions	2.065
Total Current Liabilities		75.186
Net Current Assets		0.690
MISCELLANEOUS EXPENSES		0.000
TOTAL		16.035

Particulars	31.03.2012	31.03.2011	30.03.2010
Profit/Loss for the year	5.503	4.323	1.340

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Liability/Networth)	0.88	1.07	4.69
Current Ratio (Current Asset/Current Liability)	0.99	0.97	0.99

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
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	No
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
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	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29113WB2002PTC094236
Name of the company	AHMED TANNERY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	10/1/1A , Topsia Road(south), Kolkata – 700046,West Bengal, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90246647
Type of charge	· Book debts · Movable property (not being pledge) · Others (Plant and Machinery)
Particular of charge holder	Bank of India Kolkata SME Branch, 23A, Netaji Subhas Road, Kolkata – 700001, West Bengal, India Kolkata.Sme@bankofindia.co.in
Nature of instrument creating charge	· Supplemental deed of hypothecation of tangible movable property. · Supplemental deed of charge and hypothecation of book debts. · Supplemental deed of hypothecation of tangible movable machinery and plant.
Date of instrument Creating the charge	14.05.2012
Amount secured by the charge	Rs. 39.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest will be charged at Present 12.25% linked to Base Rate with monthly rests. Terms of Repayment Cash Credit repayable on demand. Margin EPC : 25%, FBP (DP/DA-120 Days): Nil, LC Foreign (DP/DA-160 Days): 20%, BG: 20%. Extent and Operation of the charge First charge over hypothecation of stock, book debts and plant and machinery of the company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· All stock of RMs such as fittings materials, packing materials, consumable stores, adhesive solution, cloth, threads, chemicals, raw hides, FGs such as leather wallets, pouches, key rings, ladies · Ladies wallets, purse etc SIP moveable machinery stores, spares parts, chemicals, furniture etc. · All the book debt outstanding monies receivable claims and bills etc. · All tangible movable machinery and plant (both present and future) or located at Kolkata, West Bengal, India
Date of instrument modifying the charge	18.05.2011
Particulars of the present modification	By this modification, Overall limit has been increased/ realigned/ revised from Rs.300.000 Millions + FBN on bill to bill basis to Rs.39.000 Millions + FBN on bill to bill basis and accordingly the company has extended hypothecation over stock, book debts and plant and machinery to secure the overall limit of Rs.390.000 Millions + FBN on bill to bill basis.

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.59.70
UK Pound	1	Rs.92.25
Euro	1	Rs.78.38

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.