1. Summary Information

		Country	India
Company Name	SAGARI LEATHERS PRIVATE LIMITED	Principal Name 1	Prasenjit Kumar Gupta
Status	Satisfactory	Principal Name 2	Tara BIndra
		Registration #	55-022229
Street Address	17, Kucha Chaudhry, Opposite State Bank Building, Chandni Chowk, Delhi – 110006, India
Established Date	14.10.1985	SIC Code	--
Telephone#	91-11-22366279	Business Style 1	Manufacturers of Leather Uppers
Fax #	91-11-22266315	Business Style 2	--
Homepage	--	Product Name 1	--
# of employees	600 (Approximately)	Product Name 2	--
Paid up capital	Rs. 9,996,000	Product Name 3	--
Shareholders	Director and Relatives of directors – 100%	Banking	Canara Bank
Public Limited Corp.	--	Business Period	28 years
IPO	---	International Ins.	-
Public Enterprise	---	Rating	Ba (48)
Related Company
Relation --	Country --	Company Name	CEO
Related Party	Agra	The Basant Corporation	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	60,471,000	Current Liabilities	95,217,000
Inventories	96,730,000	Long-term Liabilities	58,891,000
Fixed Assets	119,628,000	Other Liabilities	7,454,000
Deferred Assets	692,000	Total Liabilities	161,562,000
Invest& other Assets	0,000	Retained Earnings	105,963,000
		Net Worth	115,959,000
Total Assets	277,521,000	Total Liab. & Equity	277,521,000
Total Assets (Previous Year)	258,457,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales (Total Income)	684,765,000	Net Profit	26,343,000
Sales(Previous yr) (Total Income)	460,449,000	Net Profit(Prev.yr)	9,198,000

MIRA INFORM REPORT

Report Date :

15.03.2013

IDENTIFICATION DETAILS

Name :	SAGARI LEATHERS PRIVATE LIMITED
Registered Office :	17, Kucha Chaudhry, Opposite State Bank Building, Chandni Chowk, Delhi – 110006
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.10.1985
Com. Reg. No.:	55-022229
Capital Investment / Paid-up Capital :	Rs. 9.996 Millions
CIN No.: [Company Identification No.]	U74899DL1985PTC022229
TAN No.: [Tax Deduction & Collection Account No.]	DELS20907F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Leather Uppers
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 460000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. 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 – 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.

LOCATIONS

Registered Office :	17, Kucha Chaudhry, Opposite State Bank Building, Chandni Chowk, Delhi – 110006, India
Tel. No.:	91-11-22366279/22253069/22360783/22368035/22363931
Fax No.:	91-11-22266315/ 91-562-2266315
E-Mail :	Sagari15@sancharnet.in sagari_agra@dataone.in bsafca@rediffmail.com info@sagarileathers.com sagariagra@airtelmail.in pkguptasagari@airtelmail.in
Factory 1 :	164 F. M. Carriappa Road, Agra – 282001, Uttar Pradesh, India
Tel. No.:	91-11-2369458/2266190
Factory 2 :	4/73 B, Gwalior Road, Baluganj, Agra – 282001, Uttar Pradesh, India
Tel. No.:	91-562-2463931/ 2460035
Fax No.:	91-562-2266315

DIRECTORS

AS ON 16.08.2012

Name :	Mr. Prasenjit Kumar Gupta
Designation :	Director
Address :	71, Pandav Nagar, Shahganj, Agra – 282 007, Uttar Pradesh, India.
Date of Birth/Age :	28.09.1966
Date of Appointment :	28.09.2002
DIN No.:	00199067
Name :	Mrs. Tara Bindra
Designation :	Director
Address :	41, Jor Bagh, New Delhi – 110 003, India.
Date of Birth/Age :	11.04.1944
Date of Appointment :	08.09.1998
DIN No.:	00212975
Name :	Ms. Ingrid Maria Gujral
Designation :	Director
Address :	Reinhardtallee 9, Wentorfbei-21465, Germany
Date of Birth/Age :	13.06.1946
Date of Appointment :	19.11.2007
DIN No.:	01880095
Name :	Mr. Oliver Wolf Gujral
Designation :	Director
Address :	Sierichstrasse 140, Hamburg-22299, Germany
Date of Birth/Age :	03.01.1969
Date of Appointment :	19.11.2007
DIN No.:	01892322

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 16.08.2012

Names of Shareholders	No. of Shares
Tara Bindra	38
Ingrid Maria Gujral	71117
Gujral Olivira Wolf	28800
TOTAL	99955

AS ON 16.08.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturers of Leather Uppers

GENERAL INFORMATION

Suppliers :

• Enkay (India) Rubber Company Private Limited
• Finewear Leathers Private Limited, Chennai
• Freudenberg Nonwovens India Private Limited
• Wilhelm Textiles India Private Limited, Gurgaon
• Sanghavi Shoe Accessories Private Limited
• Anand Cutting Profiles (Private) Limited
• Ojasva Dies and Moulds, Agra
• Taj Tanneries (Private) Limited
• Ajanta Labels Company Private Limited, Delhi
• Asia Trading Corporation, Delhi
• Duerre Welt (India) Private Limited
• Gaoxing Sales Private Limited

No. of Employees :

600 (Approximately)

Bankers :

Canara Bank, Overseas Branch, Sanjay Place, M G Road, Agra-282002, Uttar Pradesh, India

HDFC Bank

State Bank of India

Punjab National Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowings
Loans repayable on demand
Cash credit from Canara Bank (Packing Credit)	58.891	60.000
(Secured by hypothecation against stock)
TOTAL	58.891	60.000

Banking Relations :	--
Auditors :
Name :	B. S. Agarwal and Associates Chartered Accountants
Address :	B-6/43, 1^st Floor, Safdarjung Enclave, New Delhi - 110029, India.
Tel. No.:	91-11-46504901 / 261098863
PAN No.:	AAAFB4044R
Related Parties :	Impexa Assenhandels GMBH, Germany The Basant Corporation, Agra

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99955	Equity Shares	Rs.100/- each	Rs. 9.996 Millions

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		9.996	9.996	9.995
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		105.963	79.621	70.422
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		115.959	89.617	80.417
LOAN FUNDS
1] Secured Loans		58.891	60.000	49.734
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		58.891	60.000	49.734
DEFERRED TAX LIABILITIES		0.000	0.340	0.000
TOTAL		174.850	149.957	130.151
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		119.628	118.124	111.298
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.692	0.000	0.144
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	96.730	95.435	44.953
	Sundry Debtors	4.479	5.979	17.153
	Cash & Bank Balances	16.377	10.997	11.409
	Other Current Assets	21.972	25.192	24.132
	Loans & Advances	17.643	2.730	3.371
Total Current Assets		157.201	140.333	101.018
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	88.203	102.459	62.787
	Other Current Liabilities	7.014	2.246	13.916
	Provisions	7.454	3.795	5.606
Total Current Liabilities		102.671	108.500	82.309
Net Current Assets		54.530	31.833	18.709
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		174.850	149.957	130.151

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	684.765	460.449	486.705
		Other Income
		TOTAL	684.765	460.449	486.705
Less	EXPENSES
		Office Expenses	636.363	438.572	443.200
		Administrative Expenses
		Advertising Expenses
		TOTAL	636.363	438.572	443.200
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		48.402	21.877	43.505
Less/ Add	DEPRECIATION/ AMORTISATION		9.077	7.963	7.102
	PROFIT / (LOSS) BEFORE TAX		39.325	13.914	36.403
Less	TAX		12.982	4.716	13.198
	PROFIT / (LOSS) AFTER TAX		26.343	9.198	23.205
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		79.620	70.422	47.217
	BALANCE CARRIED TO THE B/S		105.963	79.620	70.422
	Earnings Per Share (Rs.)		263.55	92.02	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.85	2.00	4.77
Return on Total Assets (PBT/Total Assets}	(%)	14.17	5.38	17.15
Return on Investment (ROI) (PBT/Networth)		0.34	0.16	0.45
Debt Equity Ratio (Total Debt /Networth)		0.51	0.67	0.62
Current Ratio (Current Asset/Current Liability)		1.53	1.29	1.23

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	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	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Working Results

During the year the company has shown a net profit of Rs 26.343 Millions as against net profit of Rs. 9.198 Millions for previous year after providing Depreciation, Income Tax, and other expenses. The total turnover of the Company during the period is Rs. 684.765 Millions against the previous year`s figure of Rs. 460.449 Millions. Out of the total Turnover of Rs. 684.765 Millions, Rs. 683.032 Millions related to export sales and Rs. 1.733 Millions related to Local Sales, Central Sales, Scrap and Rejection Sales in India. The turnover is increased by 48.72% over the previous year. The company has always focused on enhancing its competitive edges in cost leadership, brand strength and innovative product development to expand its market share and therefore your Directors are hopeful and confident that the performance of the Company in exports of goods will improve in the coming years and may be able to put more effective check and controls on cost of expenses, increase in turnover and be able to earn more profits in the coming years

FORM 8

Corporate identity number of the company	U74899DL1985PTC022229
Name of the company	SAGARI LEATHERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	17, Kucha Chaudhry, Opposite State Bank Building, Chandni Chowk, Delhi – 110006, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Canara Bank, Overseas Branch, Sanjay Place, M G Road, Agra-282002, Uttar Pradesh, India
Nature of instrument creating charge	Supplemental Common Hypothecation Agreement.
Date of instrument Creating the charge	23.08.2011
Amount secured by the charge	Rs. 75.058 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest @ 11.25% per annum with monthly rests or at such other rates as may be notified by the Bank to the Borrower from time to time. Terms of repayment Repayable on demand. Margin 15% Extent and operation of the charge The Company's movable and immovable properties as mentioned hereunder are hypothecated and mortgaged to secure following credit facilities aggregating Rs.75.058 Millions granted by the Bank to the Borrower. 1.Packing Credit - Rs.75.000 Millions 2.Bank Guarantee - Rs. 5.800 Millions Total - Rs.75.858 Millions
Short particulars of the property charged (Including location of the property)	All stocks of goods such as raw materials, goods in process, finished and manufactured goods and other items of stock in trade and stores, spars, components, machinery, vehicles, furniture and fixtures and all other movable goods and properties of every description of the Borrower wherever situate whether of the Borrower's factories, places of business, godown or in transit. All the Borrowers present and future book debts, receivables etc. and Hypothecation of existing plant and machinery having WDV of Rs. 22.973 Millions. Equitable mortgage of Company's immovable properties being Kothi No.164 (part) Sy. 334, Field Marshal Kariappa Road, Agra Cantt, Agra admeasuring area 12426.31 Square Meters.
Charge identification number of the charge to be modified	90329625
Date of instrument modifying the charge	31.01.2011
Particulars of the present modification	The Adhoc Packing Credit Limit granted on 31.01.2011 has been paid off/adjusted. Further Packing Credit limit has now been enhanced from Rs.50.000 Millions to Rs.75.000 Millions and Bank has granted a Bank guarantee of Rs.5.800 Millions Therefore total amount of charge secured against hypothecation of all stocks, book debts and plant and machinery etc and equitable mortgage of Company's immovable properties as per details mentioned in column n. 15 above has now been enhanced from Rs.50.000 Millions to Rs.75.058 Millions.

FIXED ASSETS

• Building
• Weighing Machine
• Fire Equipment
• Type Writer
• Fans And Cooler
• Photostat Machine
• Clock
• Vehicles
• Furniture And Fixture
• Generator
• Temporary Construction
• Calculator
• Plant And Machinery
• Car
• Computer
• Air Conditioner
• Electronic Battery
• Fax Machine
• Refrigerator
• Water Filter
• Intercom
• Cycle
• Air Compressor
• Cellular
• Leather Measurement Machine
• EPBX and Delivery Van.

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. 54.44
UK Pound	1	Rs. 81.33
Euro	1	Rs. 70.50

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.