MIRA INFORM REPORT

Report Date :

03.09.2013

IDENTIFICATION DETAILS

Name :	K H EXPORTS INDIA PRIVATE LIMITED (w.e.f. 12.04.2013)
Formerly Known As :	RABIA LEATHER INDUSTRIES PRIVATE LIMITED
Registered Office :	"KH" Centre, No.15/2, College Road, Nungambakkam, Chennai – 600006, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.05.1985
Com. Reg. No.:	18-011821
Capital Investment / Paid-up Capital :	Rs. 4.800 Millions
CIN No.: [Company Identification No.]	U19129TN1985PTC011821
PAN No.: [Permanent Account No.]	AAACR1714R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Seller of Leather Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1370000
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 are reported to be usually correct as per commitments. The company can be considered for normal business dealings at usual trade terms and condition.

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	"KH" Centre, No.15/2, College Road, Nungambakkam, Chennai – 600006, Tamilnadu, India
Tel. No. :	91-44-42236700 / 28222278 / 79 / 80
Fax No. :	91-44-42236738
E-Mail :	khgroups@khindia.com
Factory :	#4/74, V.O.C. Street, Senneerkuppam, Poonamallee, Chennai – 600056, Tamilnadu, India
Tel. No.:	91-44-26493698
Fax No.:	91-44-26492526
Email :	info.rabia@khindia.com

DIRECTORS

As on 21.06.2013

Name :

Mr. Malack Mohamed Ibrahim

Designation :

Whole-Time Director

Address :

15/02, College Road, Nungambakkam, Chennai – 600006, Tamilnadu, India

Date of Birth/Age :

07.09.1969

Date of Appointment :

01.06.2013

PAN No.:

AAAPI1132P

DIN No. :

00170906

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	U18209TN1990PTC019324	G K LEATHER COMPANY PRIVATE LIMITED	Director	21/11/1996	21/11/1996	12/04/2012	Active	NO
2	U18209TN1982PTC009575	K.H.SHOES PRIVATE LIMITED	Director	16/03/1998	16/03/1998	-	Amalgamated	NO
3	U19129TN1985PTC011821	K H EXPORTS INDIA PRIVATE LIMITED	Whole-time director	01/06/2013	16/03/1998	-	Active	NO
4	U19116TN2013PTC090439	M.A. KHIZAR HUSSAIN AND SONS PRIVATE LIMITED	Director	05/04/2013	05/04/2013	-	Amalgamated	NO

Name :

Mr. Malack Zakir Hussain

Designation :

Whole-Time Director

Address :

15/02, College Road, Nungambakkam, Chennai – 600006, Tamilnadu, India

Date of Birth/Age :

12.02.1971

Date of Appointment :

01.06.2013

PAN No. :

AAAPH3016K

DIN No. :

00171191

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	U18209TN1990PTC019324	G K LEATHER COMPANY PRIVATE LIMITED	Director	21/11/1996	21/11/1996	12/04/2012	Active	NO
2	U18209TN1982PTC009575	K.H.SHOES PRIVATE LIMITED	Director	16/03/1998	16/03/1998	-	Amalgamated	NO
3	U19129TN1985PTC011821	K H EXPORTS INDIA PRIVATE LIMITED	Whole-time director	01/06/2013	16/03/1998	-	Active	NO
4	U73100TN1991NPL021372	K.H.FOUNDATION	Director	28/09/2012	28/09/2012	-	Active	NO
5	U19116TN2013PTC090439	M.A. KHIZAR HUSSAIN AND SONS PRIVATE LIMITED	Director	05/04/2013	05/04/2013	-	Amalgamated	NO

Name :

Mr. Malack Ashraf Ali

Designation :

Whole-Time Director

Address :

15/02, College Road, Nungambakkam, Chennai – 600006, Tamilnadu, India

Date of Birth/Age :

05.11.1975

Date of Appointment :

01.06.2013

PAN No. :

AABPA2579B

DIN No. :

00171300

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	U18209TN1982PTC009575	K.H.SHOES PRIVATE LIMITED	Director	16/03/1998	16/03/1998	-	Amalgamated	NO
2	U19129TN1985PTC011821	K H EXPORTS INDIA PRIVATE LIMITED	Whole-time director	01/06/2013	16/03/1998	-	Active	NO
3	U18209TN1990PTC019324	G K LEATHER COMPANY PRIVATE LIMITED	Director	24/03/1998	24/03/1998	12/04/2012	Active	NO
4	U18209TN1986PTC013654	K H ARIND PRIVATE LIMITED	Director	01/04/1999	01/04/1999	22/02/2013	Active	NO
5	U19116TN2002PTC048843	ZAK LEATHER GARMENTS PRIVATE LIMITED	Director	29/04/2002	29/04/2002	-	Amalgamated	NO
6	U19121TN2006PTC061217	MORINE HANDBAGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	19/01/2011	Active	NO
7	U19116TN2013PTC090439	M.A. KHIZAR HUSSAIN AND SONS PRIVATE LIMITED	Director	05/04/2013	05/04/2013	-	Amalgamated	NO

Name :

Mr. Malack Abdul Wahab

Designation :

Managing Director

Address :

15/02, College Road, Nungambakkam, Chennai – 600006, Tamilnadu, India

Date of Birth/Age :

10.12.1973

Date of Appointment :

01.06.2013

PAN No. :

AAAPW1544K

DIN No. :

00171379

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	U18209TN1982PTC009575	K.H.SHOES PRIVATE LIMITED	Director	16/03/1998	16/03/1998	-	Amalgamated	NO
2	U19129TN1985PTC011821	K H EXPORTS INDIA PRIVATE LIMITED	Managing director	01/06/2013	16/03/1998	-	Active	NO
3	U18209TN1990PTC019324	G K LEATHER COMPANY PRIVATE LIMITED	Director	24/03/1998	24/03/1998	12/04/2012	Active	NO
4	U19116TN2002PTC048843	ZAK LEATHER GARMENTS PRIVATE LIMITED	Director	29/04/2002	29/04/2002	-	Amalgamated	NO
5	U19121TN2006PTC061217	MORINE HANDBAGS PRIVATE LIMITED	Director	26/09/2006	26/09/2006	29/09/2010	Active	NO
6	U93090TN1984NPL010934	COUNCIL FOR LEATHER EXPORTS	Additional director	18/12/2010	18/12/2010	-	Active	NO
7	U19115TN2010PTC078518	H AND S LEATHER CREATIONS PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
8	U73100TN1991NPL021372	K.H.FOUNDATION	Director	28/09/2012	28/09/2012	-	Active	NO
9	U19119TN1987PTC014484	K H EXPORTS PRIVATE LIMITED	Director	19/06/2013	30/03/2013	-	Amalgamated	NO
10	U18209TN1989PTC016727	K H SHOES ACESSORIES PRIVATE LIMITED	Director	19/06/2013	30/03/2013	-	Amalgamated	NO
11	U19116TN2013PTC090439	M.A. KHIZAR HUSSAIN AND SONS PRIVATE LIMITED	Director	05/04/2013	05/04/2013	-	Amalgamated	NO

Name :

Mr. Malack Mohamed Thameem

Designation :

Whole-time director

Address :

15/02, College Road, Nungambakkam, Chennai – 600006, Tamilnadu, India

Date of Birth/Age :

23.07.1963

Date of Appointment :

01.06.2013

PAN No. :

AABPM0495N

DIN No. :

00171443

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	U19129TN1985PTC011821	K H EXPORTS INDIA PRIVATE LIMITED	Whole-time director	01/06/2013	03/05/1985	-	Active	NO
2	U18209TN1986PTC013654	K H ARIND PRIVATE LIMITED	Director	06/11/1986	06/11/1986	22/02/2013	Active	NO
3	U19119TN1987PTC014484	K H EXPORTS PRIVATE LIMITED	Director	08/06/1987	08/06/1987	-	Amalgamated	NO
4	U18209TN1989PTC016727	K H SHOES ACESSORIES PRIVATE LIMITED	Director	10/01/1989	10/01/1989	-	Amalgamated	NO
5	U18209TN1990PTC019324	G K LEATHER COMPANY PRIVATE LIMITED	Director	20/06/1990	20/06/1990	12/04/2012	Active	NO
6	U18209TN1991PTC020628	K.H.OVERSEAS TRADING COMPANY PRIVATE LIMITED	Director	16/04/1991	16/04/1991	-	Active	NO
7	U18209TN1982PTC009575	K.H.SHOES PRIVATE LIMITED	Director	16/03/1998	16/03/1998	-	Amalgamated	NO
8	U73100TN1991NPL021372	K.H.FOUNDATION	Director	29/07/1998	29/07/1998	-	Active	NO
9	U21011TN1993PTC025482	VISHARAM TANNERS ENVIRO CONTROL SYSTEMS PRIVATE LIMITED	Director	27/09/2012	27/09/2012	-	Active	NO
10	U19116TN2013PTC090439	M.A. KHIZAR HUSSAIN AND SONS PRIVATE LIMITED	Director	05/04/2013	05/04/2013	-	Amalgamated	NO

Name :

Mr. Malack Mohamed Hashim

Designation :

Whole-time director

Address :

15/02, College Road, Nungambakkam, Chennai – 600006, Tamilnadu, India

Date of Birth/Age :

01.09.1939

Date of Appointment :

01.06.2013

PAN No. :

AAJPM4748C

DIN No. :

00171543

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	U18209TN1982PTC009575	K.H.SHOES PRIVATE LIMITED	Director	01/03/2009	14/09/1982	-	Amalgamated	NO
2	U19129TN1985PTC011821	K H EXPORTS INDIA PRIVATE LIMITED	Whole-time director	01/06/2013	03/05/1985	-	Active	NO
3	U18209TN1986PTC013654	K H ARIND PRIVATE LIMITED	Managing director	06/11/1986	06/11/1986	-	Active	NO
4	U19119TN1987PTC014484	K H EXPORTS PRIVATE LIMITED	Director	08/06/1987	08/06/1987	-	Amalgamated	NO
5	U18209TN1989PTC016727	K H SHOES ACESSORIES PRIVATE LIMITED	Director	10/01/1989	10/01/1989	-	Amalgamated	NO
6	U29309TN1989PLC017370	RANIPET TANNERY EFFLUENT TREATMENT COMPANY LIMITED	Director	31/05/1989	31/05/1989	-	Active	NO
7	U18209TN1991PTC020628	K.H.OVERSEAS TRADING COMPANY PRIVATE LIMITED	Director	16/04/1991	16/04/1991	-	Active	NO
8	U73100TN1991NPL021372	K.H.FOUNDATION	Director	06/09/1992	06/09/1992	-	Active	NO
9	U45203TN2002PTC049343	RANIPET INFRASTRUCTURE DEVELOPMENT ORGANISATION PRIVATE LIMITED	Director	31/07/2002	31/07/2002	-	Active	NO
10	U93090TN1996NPL035469	INDIAN LEATHER INDUSTRY FOUNDATION	Director	24/08/2006	24/08/2006	-	Active	NO
11	U93000TN2008NPL068574	CHENNAI ENVIRONMENTAL MANAGEMENT COMPANY OF TANNERS	Director	15/07/2008	15/07/2008	-	Active	NO
12	U19115TN2010PTC078518	H AND S LEATHER CREATIONS PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
13	U19116TN2013PTC090439	M.A. KHIZAR HUSSAIN AND SONS PRIVATE LIMITED	Director	05/04/2013	05/04/2013	-	Amalgamated	NO

Name :

Mr. Malack Mohamed Faisal

Designation :

Whole-time director

Address :

No.5, Khizarabad, 2nd Street, Melvisharam, Vellore – 632509, Tamilnadu, India

Date of Appointment :

21.06.2013

DIN No. :

06361844

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	U18209TN1982PTC009575	K.H.SHOES PRIVATE LIMITED	Director	28/09/2012	27/08/2012	-	Amalgamated	NO
2	U18209TN1989PTC016727	K H SHOES ACESSORIES PRIVATE LIMITED	Director	28/09/2012	27/08/2012	-	Amalgamated	NO
3	U19129TN1985PTC011821	K H EXPORTS INDIA PRIVATE LIMITED	Whole-time director	21/06/2013	21/06/2013	-	Active	NO

Name :

Mr. Malack Khizar Hussain

Designation :

Whole-time director

Address :

No.5, Khizarabad, 2nd Street, Melvisharam, Vellore – 632509, Tamilnadu, India

Date of Appointment :

21.06.2013

DIN No. :

06361846

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	U18209TN1982PTC009575	K.H.SHOES PRIVATE LIMITED	Director	28/09/2012	27/08/2012	-	Amalgamated	NO
2	U18209TN1989PTC016727	K H SHOES ACESSORIES PRIVATE LIMITED	Director	28/09/2012	27/08/2012	-	Amalgamated	NO
3	U19129TN1985PTC011821	K H EXPORTS INDIA PRIVATE LIMITED	Whole-time director	21/06/2013	21/06/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.06.2013

Names of Shareholders	No. of Shares
M. Mohamed Hashim	4800
M. Mohamed Thameem	7200
M. Mohamed Ibrahim	7200
M. Zakir Hussain	7200
M. Abdul Wahab	7200
M. Ashraf Ali	7200
M. Khizar Hussain	3600
M. Mohamed Faisal	3600
Total	48000

Allottees As on 01.08.2013

Names of Allottees	No. of Shares
M. Mohamed Hashim	5824
M. Mohamed Thameem	8731
M. Mohamed Ibrahim	8731
M. Zakir Hussain	8731
M. Abdul Wahab	8731
M. Ashraf Ali	8731
M. Khizar Hussain	4366
M. Mohamed Faisal	4364
Total	58209

As on 21.06.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Leather Products.

Products :

Item Code No. (ITC Code)	Product Description
420310 01	Leather Garments
420221 01	Leather Hand Bags
420231 02	Leather Wallets

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Leather Garments	Pieces	50,000	7,319
Leather Wallets	Pieces	700,000	1,143,482
Other Leather Goods	Pieces	2,100,000	1,751,589

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Leather and International Branch, MVJ Towers, 177/1, P.H.Road, Kilpauk, Chennai - 600010, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	10.303	34.808
SHORT TERM BORROWINGS
Working capital loans from banks	395.718	340.519
Total	406.021	375.327

Banking Relations :	--
Auditors :
Name :	D. Sampathkumar and Company Chartered Accountants
Address :	No.5, South Boag Road, T. Nagar, Chennai, Tamilnadu, India
PAN No. :	AAAFD2288D
Subsidiary company :	· K H Exports Private Limited CIN No.: U19119TN1987PTC014484
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· K H Arind Private Limited CIN No.: U18209TN1986PTC013654 · K H Shoes Private Limited CIN No.: U18209TN1982PTC009575 · K H Shoes Accessories Private Limited CIN No.: U18209TN1989PTC016727 · Zak Leather Garments Private Limited CIN No.: U19116TN2002PTC048843 · H and S Leather Creations Private Limited CIN No.: U19115TN2010PTC078518 · M A Khizar Hussain and Sons · ATH Leder Fabrik · Geekay Leathers · Mumtaz Leathers · K H Retail Stores · Oriental Shoe Fabrik · MMS and Others

CAPITAL STRUCTURE

After 21.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
760000	Equity Shares	Rs.100/- each	Rs. 76.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
106209	Equity Shares	Rs.100/- each	Rs. 10.621 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48000	Equity Shares	Rs.100/- each	Rs. 4.800 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	4.800	4.800
(b) Reserves & Surplus	338.066	268.617
(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)	342.866	273.417
(3) Non-Current Liabilities
(a) long-term borrowings	10.303	34.808
(b) Deferred tax liabilities (Net)	52.100	48.800
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	62.403	83.608
(4) Current Liabilities
(a) Short term borrowings	395.718	340.519
(b) Trade payables	252.064	230.579
(c) Other current liabilities	141.250	86.786
(d) Short-term provisions	25.909	7.195
Total Current Liabilities (4)	814.941	665.079
TOTAL	1220.210	1022.104
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	487.968	476.823
(ii) Intangible Assets	19.136	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.541	0.541
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	6.141	5.280
Total Non-Current Assets	513.786	482.644
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	190.033	248.479
(c) Trade receivables	138.733	82.619
(d) Cash and cash equivalents	22.396	11.596
(e) Short-term loans and advances	286.680	160.006
(f) Other current assets	68.582	36.760
Total Current Assets	706.424	539.460
TOTAL	1220.210	1022.104

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.800
2] Share Application Money		40.000
3] Reserves & Surplus		247.235
4] (Accumulated Losses)		0.000
NETWORTH		292.035
LOAN FUNDS
1] Secured Loans		492.787
2] Unsecured Loans		0.000
TOTAL BORROWING		492.787
DEFERRED TAX LIABILITIES		0.000
TOTAL		784.822
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		450.367
Capital work-in-progress		0.000
INVESTMENT		0.541
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	248.385
	Sundry Debtors	62.540
	Cash & Bank Balances	61.172
	Other Current Assets	0.000
	Loans & Advances	100.234
Total Current Assets		472.331
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	100.420
	Other Current Liabilities	49.157
	Provisions	0.000
Total Current Liabilities		149.577
Net Current Assets		322.754
MISCELLANEOUS EXPENSES		11.160
TOTAL		784.822

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	2821.496	2358.956	1969.295
Less	EXPENSES
		TOTAL	2717.639	2316.274	1955.076
	PROFIT/ (LOSS) BEFORE TAX		103.857	42.682	14.219
Less	TAX		34.407	21.300	2.790
	PROFIT/ (LOSS) AFTER TAX		69.450	21.382	11.429
	EARNINGS IN FOREIGN CURRENCY
		Goods Exported (FOB Value)	2625.737	2157.242	1812.012
	TOTAL EARNINGS		2625.737	2157.242	1812.012
	IMPORTS
		Raw materials	975.612	360.273
		Stores and Spares	10.259	4.556
		Capital Goods	52.618	20.861
	TOTAL IMPORTS		1038.489	385.690	623.807
	Earnings / (Loss) Per Share (Rs.)		1446.88	445.46	238.10

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.46	0.91	0.58
Return on Total Assets (PBT/Total Assets}	(%)	8.65	41.18	1.54
Return on Investment (ROI) (PBT/Networth)		0.30	0.16	0.05
Debt Equity Ratio (Total Debt/Networth)		1.18	1.37	1.69
Current Ratio (Current Asset/Current Liability)		0.87	0.81	3.16

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	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	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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90288793	11/07/2011 *	752,500,000.00	STATE BANK OF INDIA	LEATHER AND INTERNATIONAL BRANCH, MVJ TOWERS, 177/1, P.H.ROAD, KILPAUK, CHENNAI - 600010, TAMILNADU, INDIA	B19719897
2	90297369	07/11/1996 *	7,000,000.00	STATE BANK OF INDIA	LEATHER INTERNATIONAL BRANCH, 177/1; POONAMALLEE HIGH ROAD, KILPAUK, CHENNAI - 600010, TAMIL NADU, INDIA	-
3	90295852	22/03/1988 *	27,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH; 39, RAJAJI SALAI, CHENNAI - 600001, TAMILNADU, INDIA	-
4	90297366	27/05/2002 *	7,000,000.00	STATE BANK OF INDIA	LEATHER INTERNATIONAL BRANCH, 177/1; POONAMALLEE HIGH ROAD, KILPAUK, CHENNAI - 600010, TAMIL NADU, INDIA	-
5	90298011	12/07/2001 *	7,000,000.00	STATE BANK OF INDIA	LEATHER INTERNATIONAL BRANCH, 177/1; POONAMALLEE HIGH ROAD, KILPAUK, CHENNAI - 600010, TAMIL NADU, INDIA	-
6	90296697	15/05/2009 *	735,000,000.00	STATE BANK OF INDIA	LEATHER AND INTERNATIONAL BRANCH, MVJ TOWERS, 177/1, P.H.ROAD, KILPAUK, CHENNAI - 600010, TAMILNADU, INDIA	A64847312

* Date of charge modification

NOTE

The registered office of the company has been shifted from NO 4/74, VOC Street, Senneerkuppam, Poonamalle, Chennai – 600056, Tamilnadu, India to the present address w.e.f 01.12.2012

PERFORMANCE REVIEW

The performance of the company for the year ended 31 st March 2012 was satisfactory. The Board of Directors expect more business and profitability in the forthcoming years.

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012	31.03.2011
(a) Guarantee issued by Banks	0.505	0.000
(b) Bills discounted	54.882	57.477

(c) No provision is considered necessary for disputed Income Tax demands and interest thereon as given below:

Nature of Dues	As at 31.03.2012	As at 31.03.2011	Period to which the amount relates	Disputes pending with
Income Tax demand (Rs in Millions)	1.469	1.469	2004-05	Commissioner of Income Tax (Appeals)

The demands in respect of AY 2004-05 are mainly due to disallowance of claim of the company for deduction under Sec 80 HHC of the Income Tax Act, 1961. The Company has been advised by its tax counsel that it has a fairly good case to get the favourable orders from Appellate Authorities. The company also has obtained a stay from Madras High Court against the demand.

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· 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.65.86
UK Pound	1	Rs.102.52
Euro	1	Rs.87.06

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.