MIRA INFORM REPORT

Report Date :

18.05.2013

IDENTIFICATION DETAILS

Name :	althaf shoes private limited
Registered Office :	Anugraha Apartments, C-Block, 1A, 1^st Floor, No.19, Nungambakkam High Road, Chennai – 600034, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.12.1992
Com. Reg. No.:	18-023973
Capital Investment / Paid-up Capital :	Rs. 5.710 Millions
CIN No.: [Company Identification No.]	U18209TN1992PTC023973
TAN No.: [Tax Deduction & Collection Account No.]	CHEA01424D
PAN No.: [Permanent Account No.]	AAACA1346L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Footwear.
No. of Employees :	152 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 1396000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Financial position appears to be sound. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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

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 (GENERAL DETAILS)

Name :	Mr. Sugra
Designation :	General Manager
Contact No.:	91-044-28202092
Date :	11.05.2013

LOCATIONS

Registered Office / Corporate Office :	Anugraha Apartments, C-Block, 1A, 1st Floor, No.19, Nungambakkam High Road, Chennai – 600034, Tamilnadu, India
Tel. No.:	91-44-26272527 / 28259562 / 28232186 / 28202092
Fax No.:	91-44-26273051
E-Mail :	althafnh@vsnl.net ho@althafshoes.com
Location :	Owned
Factory :	395, Pazhanjur Road, Chembarambakkam, Chennai – 602103, Tamilnadu, India
Tel. No.:	91-44-28611928
Fax No.:	91-44-26811926
E-Mail :	pzr@althafshoes.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Ayyapillai Althaf Ahmed

Designation :

Managing Dierctor

Address :

No. 43 Ritherdon Road, Vepery, Chennai – 600007, Tamilnadu, India

Date of Birth/Age :

07.02.1952

Qualification :

M.B.A.

Date of Appointment :

07.12.1992

PAN No.:

AAPBA2458D

DIN No.:

00225399

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18209TN1992PTC023973	ALTHAF SHOES PRIVATE LIMITED	Managing director	07/12/1992	07/12/1992	-	Active	NO
2	U73100TN1993GAP026146	AMBUR FDDI SHOE TECHNOLOGY CENTRE	Director	03/11/1993	03/11/1993	-	Active	NO
3	U45203TN2001NPL047485	AMBUR ECONOMIC DEVELOPMENT ORGANISATION	Director	20/07/2005	20/07/2005	-	Active	NO

Name :

Mrs. Natamkar Nishath Mahal

Designation :

Whole-time Director

Address :

No. 43 Ritherdon Road, Vepery, Chennai – 600007, Tamilnadu, India

Date of Birth/Age :

23.09.1958

Qualification :

B.A.

Date of Appointment :

07.12.1992

PAN No.:

AAOPS9597G

DIN No.:

00225407

Name :

Mrs. Ayyapillai Sidhra Fathima

Designation :

Director

Address :

No. 43 Ritherdon Road, Vepery, Chennai – 600007, Tamilnadu, India

Date of Birth/Age :

15.07.1977

PAN No.:

ABDPS0847B

DIN No.:

00225412

Date of Appointment :

01.06.1998

Name :

Mrs. Ayyapillai Sameera Fathima

Designation :

Director

Address :

No. 43 Ritherdon Road, Vepery, Chennai – 600007, Tamilnadu, India

Date of Birth/Age :

09.12.1978

Date of Appointment :

23.08.1999

PAN No.:

AABPF6777A

DIN No.:

00225445

Name :

Mrs. Ayyapillai Sabah Fathima

Designation :

Director

Address :

No. 43 Ritherdon Road, Vepery, Chennai – 600007, Tamilnadu, India

Date of Birth/Age :

21.02.1982

Date of Appointment :

01.12.2000

PAN No.:

AAIPF4623L

DIN No.:

00225454

KEY EXECUTIVE

Name :	Mr Sugra
Designation :	General Manager

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Ayyapillai Althaf Ahmed	2755	48.25
Natamkar Nishath Mahal	2655	46.50
Ayyapillai Sidhra Fathima	100	1.75
Ayyapillai Sameera Fathima	100	1.75
Ayyapillai Sabah Fathima	100	1.75
Total	5710	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Footwear.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Leather Shoes, Shoe-Uppers and Products	0204
Full Shoes	6403
Shoe Uppers	6406

Exports :

Products :

Finished Goods

Countries :

Europe

Terms :

Selling :

Credit

Purchasing :

Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Actual Production
Shoe Uppers	1294787
Full Shoes	777011

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

152 (Approximately)

Bankers :

State Bank of India, Leather International Branch, MVJ Towers, P. H. Road, Chennai – 600010, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term loans from Banks (Hypothecation of Movable Properties and Equitable Mortgage on immovable properties.)	0.000	6.720
Working capital loans from banks (Hypothecation of stock and book debts and general charge on all assets of the Company.)	0.000	97.757
Loan taken for fixed assets (Hypothecation of vehicles purchased under the loans.)	1.900	2.800
Total	1.900	107.277

Banking Relations :	-
Auditors :
Name :	D. Sampthkumar and Company Chartered Accountants
Address :	New No. 5, South Boag Road, T. Nagar, Chennai – 600017, Tamilnadu, India
Pan No.:	AAAFD2288D
Associates Concern :	Rumana Leather Company (Firm where Directors are partners). PAN No.: AAAFR0941B A R S Footwear (Firm where a Director is partner) CIN No.: U19115DL2010PTC207254 PAN No.: AAJFA3530G Vistas Shoes (Firm where a Director is partner) PAN No.: AAGFV7244P Primo Shoes (Concern in which Director is interested) PAN No.: AABPA2458D Athena Shoes (Firm where a Director is partner) PAN No.: AAPFA9251N

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7000	Equity Shares	Rs.1000/- each	Rs.7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5710	Equity Shares	Rs.1000/- each	Rs.5.710 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		5.710	5.710	5.710
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		343.316	272.159	239.726
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		349.026	277.869	245.436
LOAN FUNDS
1] Secured Loans		1.900	107.277	97.957
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1.900	107.277	97.957
DEFERRED TAX LIABILITIES		8.000	8.500	7.480
TOTAL		358.926	393.646	350.873
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		256.942	299.393	267.921
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.190	0.190	0.190
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.764	65.702	80.503
	Sundry Debtors	210.148	160.407	146.031
	Cash & Bank Balances	32.171	101.791	95.364
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	136.570	93.370	61.365
Total Current Assets		455.653	421.270	383.263
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	261.461	173.125	259.022
	Other Current Liabilities	46.024	85.201	1.933
	Provisions	46.374	68.881	39.546
Total Current Liabilities		353.859	327.207	300.501
Net Current Assets		101.794	94.063	82.762
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		358.926	393.646	350.873

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2680.699	2082.645	1268.738
		Other Income	25.134	6.645	145.059
		TOTAL	2705.833	2089.290	1413.797
Less	TOTAL EXPENSES		2500.313	1946.122	1294.616
	PROFIT BEFORE TAX		205.520	143.178	119.181
Less	TAX		68.000	50.820	42.754
	PROFIT AFTER TAX		137.520	92.358	76.427
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		234.100	211.067	175.700
Less	APPROPRIATIONS
		Transfer to General Reserve	13.850	9.400	7.658
		Dividend	57.100	51.390	28.550
		Tax on Dividend	9.263	8.535	4.852
	BALANCE CARRIED TO THE B/S		291.407	234.100	211.067
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2442.114	1836.380	1242.284
	IMPORTS
		Leather and Consumable Shoe Materials	749.525	695.050	484.182
		Capital Goods	1.901	25.896	22.145
	TOTAL IMPORTS		751.426	720.946	506.327
	Earnings Per Share (Rs.)		24084.00	16175.00	13385.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.08	4.42	5.41
Net Profit Margin (PBT/Sales)	(%)	7.67	7.69	9.39
Return on Total Assets (PBT/Total Assets}	(%)	28.84	19.87	18.30
Return on Investment (ROI) (PBT/Networth)		0.59	7.21	6.51
Debt Equity Ratio (Total Debt /Networth)		0.01	0.41	0.40
Current Ratio (Current Asset/Current Liability)		1.29	1.31	1.28

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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

OPERATIONS:

The performance of the Company during the year was excellent. There has been increase in sales and substantial boost in profit during the year as compared to previous year.

FIXED ASSTES:

• Land
• Buildings
• Factory building
• Other building
• Other building
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

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. 54.87
UK Pound	1	Rs. 83.66
Euro	1	Rs. 70.87

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.