1. Summary Information

		Country	India
Company Name	BACHI SHOES LIMITED	Principal Name 1	Mr. Gopalakrishna Pullela Varadarajulu
Status	Good	Principal Name 2	Mr. Vishwanath Pullela Rajagopal
		Registration #	18-037515
Street Address	No. 47 (Old No. 14), Thiyagarajapuram, Vellore – 632001, Tamilnadu
Established Date	14.02.1997	SIC Code	--
Telephone#	91-4172-307000/100	Business Style 1	Manufacturer
Fax #	91-4172-244598	Business Style 2	Exporter
Homepage	http://www.bachishoes.com	Product Name 1	Leather Shoe Uppers with Components
# of employees	Information decline by the management	Product Name 2	--
Paid up capital	Rs. 628,000 /-	Product Name 3	--
Shareholders	Bodies corporate 76.00%, Directors or relatives of directors 24.00%	Banking	Indian Overseas Bank
Public Limited Corp.	No	Business Period	17 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	A (61)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Tata International Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	789,523,000	Current Liabilities	697,278,000
Inventories	522,089,000	Long-term Liabilities	364,883,000
Fixed Assets	562,255,000	Other Liabilities	121,642,000
Deferred Assets	000	Total Liabilities	1,183,803,000
Invest& other Assets	74,628,000	Retained Earnings	764,064,000
		Net Worth	764,692,000
Total Assets	1,948,495,000	Total Liab. & Equity	1,948,495,000
Total Assets (Previous Year)	2,458,845,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	2,029,384,000	Net Profit	193,766,000
Sales(Previous yr)	1,855,238,000	Net Profit(Prev.yr)	170,535,000

MIRA INFORM REPORT

Report Date :

19.08.2014

IDENTIFICATION DETAILS

Name :	BACHI SHOES LIMITED (w.e.f. 08.04.2011)
Formerly Known As :	BACHI SHOES (INDIA) PRIVATE LIMITED
Registered Office :	No. 47 (Old No. 14), Thiyagarajapuram, Vellore – 632001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.02.1997
Com. Reg. No.:	18-037515
Capital Investment / Paid-up Capital :	Rs. 0.628 Million
CIN No.: [Company Identification No.]	U18209TN1997PLC037515
TAN No.: [Tax Deduction & Collection Account No.]	CHEB03057F/ CHEB05227F
PAN No.: [Permanent Account No.]	AABCB2609J/ AAAFB0587B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Trader of Leather Shoe Uppers with Components.
No. of Employees :	Information decline by the management

RATING & COMMENTS

MIRA’s Rating :

A (61)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA Rating
Rating	Term loan facilities = A+
Rating Explanation	Have adequate degree of safety and carry low credit risk
Date	October 2013

Rating Agency Name	ICRA Rating
Rating	Short term fund based facilities = A1+
Rating Explanation	Have very strong degree of safety and carry lowest credit risk
Date	October 2013

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 31-03-2014.

INFORMATION DENIED BY

Management Non-Cooperative

Tel. No.: 91-4172-307000

LOCATIONS

Registered / Corporate Office :	No. 47 (Old No. 14), Thiyagarajapuram, Vellore – 632001, Tamilnadu, India
Tel. No.:	91-4172-307000/100
Fax No.:	91-4172-244598
E-Mail :	bachiind@bachishoes.com
Website :	http://www.bachishoes.com
Head / Branch Office :	No.15, Sami Mudali Street, Perimet, Chennai - 600003, Tamilnadu, India
Tel. No.:	91-44-25612571/ 25612876
Fax No.:	91-44-25612876
E-Mail :	bsipl@md3.vsnl.net.in bachiind@md3.vsnl.net
Factory 1 :	147/ SIDCO Estate, SIPCOT Complex, Ranipet – 632403, Tamilnadu, India
Tel. No.:	91-4172-244390/ 244398
Fax No.:	91-4172-244598
E-Mail :	bsipl@md3.vsnl.net.in
Area :	50000 sq. ft
Location :	Leased
Factory 3 :	48B, Phase II, SIPCOT Complex, Ranipet – 632403, Tamilnadu, India
Factory 4 :	46 C, Phase II, SIPCOT Complex, Ranipet – 632403, Tamilnadu, India
Factory 5 :	7/3, Old Piniji Road, Jayarampet, Ranipet – 632403, Tamilnadu, India
Factory 6 :	80 Gudiyatham Road, Periyavarrikam, Thuthipet, Ambur – 632811, Tamilnadu, India

DIRECTORS

As on 10.06.2013

Name :

Mr. Gopalakrishna Pullela Varadarajulu

Designation :

Managing Director

Address :

15, Sami Mudali Street, Periamet, Chennai – 600003, Tamil Nadu, India

Date of Birth/Age :

12.05.1966

Qualification :

B.Com. Diploma in Full Shoe Technology

Experience :

14 Years

Date of Appointment :

05.11.2001

PAN No.:

AAFPG1993D

DIN No.:

00417691

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U18209TN1997PLC037515	BACHI SHOES LIMITED	Managing director	1/11/2010	5/11/2001	Active	NO
U91110TN2004PTC053638	CONSORTIUM OF SHOE MANUFACTURERS PRIVATE LIMITED	Director	5/07/2004	5/07/2004	Active	NO
U51900TN2009PTC073802	RITEBRAND RETAIL PRIVATE LIMITED	Director	8/12/2009	8/12/2009	Active	NO
U19116TN2005PLC056665	EURO SHOE COMPONENTS LIMITED	Whole-time director	1/11/2010	1/11/2010	Active	NO

Name :

Mr. Vishwanath Pullela Rajagopal

Designation :

Director

Address :

8A, Thiagarajapuram, Vellore – 632001, Tamil Nadu, India

Date of Birth/Age :

23.10.1952

Qualification :

B Com

Date of Appointment :

14.02.1997

DIN No.:

00417622

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U18209TN1997PLC037515	BACHI SHOES LIMITED	Director	14/02/1997	14/02/1997	-	Active	NO
U74999TN1997PTC039677	JUPITER SEA AND AIR SERVICES PRIVATE LIMITED	Director	26/12/1997	26/12/1997	-	Active	NO
U19116TN2005PLC056665	EURO SHOE COMPONENTS LIMITED	Nominee director	21/06/2005	21/06/2005	29/03/2011	Active	NO
U63010TN2008PTC067119	HERCULES CARGO SOLUTIONS PRIVATE LIMITED	Director	2/04/2008	2/04/2008	5/03/2009	Active	NO
U51900TN2009PTC073802	RITEBRAND RETAIL PRIVATE LIMITED	Director	8/12/2009	8/12/2009	-	Active	NO

Name :

Noel Naval Tata

Designation :

Additional Director

Date of Birth/Age :

12.11.1956

Qualification :

Graduate from Sussex (UK)

Date of Appointment :

24.12.2010

DIN No.:

00024713

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	U63040MH1993PTC070465	DKI TRAVEL SERVICES PRIVATE LIMITED	Director	01/06/1994	01/06/1994	18/04/2011	Active	NO
2	L24240MH1952PLC008951	TRENT LIMITED	Director	05/08/2011	18/12/1997	-	Active	NO
3	L29308MH1954PLC009371	VOLTAS LIMITED	Director	27/01/2003	27/01/2003	-	Active	NO
4	L74999TZ1984PLC001456	TITAN INDUSTRIES LIMITED	Nominee director	07/08/2003	07/08/2003	-	Active	NO
5	U70101MH2004PTC145888	LORIMAR PROPERTIES PRIVATE LIMITED	Director	23/04/2004	23/04/2004	-	Active	NO
6	L67200MH1937PLC002622	TATA INVESTMENT CORPORATION LIMITED	Director	09/06/2004	09/06/2004	-	Active	NO
7	U70102MH1994PTC076582	SATNAM DEVELOPERS AND FINANCE PRIVATE LIMITED	Nominee director	21/08/2004	21/08/2004	-	Amalgamated	NO
8	U91990MH2005GAP151959	RETAILERS ASSOCIATION OF INDIA	Director	14/03/2005	14/03/2005	-	Active	NO
9	U74899DL1995PLC073520	TRENT BRANDS LIMITED	Nominee director	27/04/2005	27/04/2005	10/05/2010	Active	NO
10	U70109MH2006PLC160918	LANDMARK LIMITED (PART IX)	Nominee director	31/03/2006	31/03/2006	-	Active	NO
11	U67190MH2005PLC153819	MILESTONE CAPITAL ADVISORS LIMITED	Director	10/05/2007	10/05/2007	09/09/2010	Active	NO
12	U74140MH2007PTC172569	IL&FS MILESTONE REALTY ADVISORS PRIVATE LIMITED	Director	26/09/2008	14/08/2007	09/09/2010	Active	NO
13	U65991MH2007PTC169267	VIRTUOUS TRUSTEES PRIVATE LIMITED	Director	29/09/2008	21/09/2007	22/12/2009	Active	NO
14	U67100MH2007PTC169947	TREXA ADMC PRIVATE LIMITED	Director	11/10/2008	21/09/2007	29/05/2012	Active	NO
15	L24202MH1920PLC000825	KANSAI NEROLAC PAINTS LIMITED	Director	24/06/2008	27/10/2007	-	Active	NO
16	U51900MH2008PLC184184	TRENT HYPERMARKET LIMITED	Director	30/09/2010	12/08/2008	-	Active	NO
17	U74900HR2009FTC043768	INDITEX TRENT RETAIL INDIA PRIVATE LIMITED	Director	27/10/2009	27/10/2009	-	Active	NO
18	U92411MH1933PLC002813	THE CRICKET CLUB OF INDIA LIMITED	Nominee director	09/04/2010	09/04/2010	-	Active	NO
19	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Managing director	26/08/2010	05/05/2010	-	Active	NO
20	U72900MH2000PLC126195	DRIVE INDIA ENTERPRISE SOLUTIONS LIMITED	Director	08/08/2011	01/11/2010	-	Active	NO
21	U18209TN1997PLC037515	BACHI SHOES LIMITED	Additional director	24/12/2010	24/12/2010	-	Active	NO
22	U52100HR2013FTC051280	MASSIMO DUTTI INDIA PRIVATE LIMITED	Director	12/12/2013	12/12/2013	-	Active	NO

Name :

Mr. Ajay Murlidhar Ponkshe

Designation :

Additional Director

Date of Birth/Age :

27.02.1960

Qualification :

B.com, CA, ACS

Date of Appointment :

24.12.2010

DIN No.:

01663073

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	U19120MH1978PTC147888	CHAMBAL LEATHERS PRIVATE LIMITED	Additional director	12/07/2007	12/07/2007	22/03/2011	Active	NO
2	U19120MH1978PTC147885	NARMADA LEATHERS PRIVATE LIMITED	Director	28/09/2007	12/07/2007	23/03/2011	Active	NO
3	U19120MH1977PTC147887	M. P. LEATHERS PRIVATE LIMITED	Director	28/09/2007	12/07/2007	18/03/2011	Active	NO
4	U19120MH1977PTC147886	DEWAS TANNERIES PRIVATE LIMITED	Director	28/09/2007	12/07/2007	-	Active	NO
5	U01111DL1989PTC036899	PRAN AGRO SERVICES PRIVATE LIMITED	Director	29/09/2007	12/07/2007	-	Active	NO
6	U72900MH2000PLC126195	DRIVE INDIA ENTERPRISE SOLUTIONS LIMITED	Director	16/07/2007	16/07/2007	-	Active	NO
7	U34200MH2005PTC154348	TATA INTERNATIONAL DLT PRIVATE LIMITED	Director	06/09/2007	27/08/2007	-	Active	NO
8	U19120MH1978PTC147884	TAPTI LEATHERS PRIVATE LIMITED	Director	28/09/2007	28/09/2007	07/06/2010	Active	NO
9	U51102TN1996PLC034121	GRAZIELLA SHOES LIMITED	Director	17/09/2010	30/03/2009	-	Amalgamated	NO
10	U19116TN2005PLC056665	EURO SHOE COMPONENTS LIMITED	Additional director	24/12/2010	24/12/2010	-	Active	NO
11	U18209TN1997PLC037515	BACHI SHOES LIMITED	Additional director	24/12/2010	24/12/2010	-	Active	NO
12	U74140TN1992PLC022838	TRENT RETAIL SERVICES LIMITED	Additional director	31/01/2012	31/01/2012	-	Active	NO
13	U19200MH2012PLC229877	TATA INTERNATIONAL WOLVERINE BRANDS LIMITED	Director	18/04/2012	18/04/2012	-	Active	NO
14	U74999MH1957GOI010918	ECGC Limited	Director	01/10.2013	01/10.2013	-	Active	NO

Name :

Homiar Sorabji Vachha

Designation :

Director

Date of Birth/Age :

23.04.1942

Qualification :

MA, Phd (Economics)

Date of Appointment :

24.12.2010

DIN No.:

00016610

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	L31300MH1967PLC016531	FINOLEX CABLES LIMITED	Director	11/06/1993	11/06/1993	-	Active	NO
2	U24100MH1980PTC022617	BO-CHEM PRIVATE LIMITED	Director	25/07/1997	25/07/1997	01/04/2010	Active	NO
3	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	08/02/1999	08/02/1999	-	Active	NO
4	U65990MH1979PLC021037	AF-TAAB INVESTMENT COMPANY LIMITED	Director	25/11/1999	25/11/1999	-	Active	NO
5	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	30/03/2001	30/03/2001	-	Active	NO
6	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	28/11/2003	28/11/2003	-	Active	NO
7	U40109DL2001PLC111526	TATA POWER DELHI DISTRIBUTION LIMITED	Director	20/05/2009	03/01/2009	-	Active	NO
8	U51102TN1996PLC034121	GRAZIELLA SHOES LIMITED	Director	17/09/2010	30/03/2009	-	Amalgamated	NO
9	U18209TN1997PLC037515	BACHI SHOES LIMITED	Additional director	24/12/2010	24/12/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.06.2013

Names of Shareholders	No. of Shares
Gopalakrishna Pullela Varadarajulu (HUF)	1508
Tata International Limited, India	4767
Tata International Limited, India Jointly With Ajay Ponkshe	1
Tata International Limited, India Jointly With N. Mohan	1
Tata International Limited, India Jointly With P Vijayaraghavan	1
Tata International Limited, India Jointly With Atul Nagrath	1
Tata International Limited, India Jointly With Anil Dhar	1
TOTAL	6280

Equity Share Break up (Percentage of Total Equity)

As on 10.06.2013

Category	Percentage
Bodies corporate	76.00
Directors or relatives of Directors	24.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Trader of Leather Shoe Uppers with Components.

Products :

ITC Code	Product Descriptions
64061020	Shoe Upper
64041990	Full Shoes

GENERAL INFORMATION

No. of Employees :

Information decline by the management.

Bankers :

Indian Overseas Bank, Purasawalkam Branch, No. 15, Hunters Road, Doveton, Chennai – 600112, Tamilnadu, India

Facilities :

[Rs. in Millions]

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Term Loans From Banks	49.812	88.164
Short Term Borrowings
Loans Repayable on Demand From Banks	154.031	36.644
Others Loans and Advances	161.040	135.907
TOTAL	364.883	260.715

Banking Relations :	--
Auditors :
Name :	V. S. Athmanathan and Company Chartered Accountants
Address :	8 B, Thyagarajapuram, Vellore – 632001, Tamilnadu, India
PAN No:	AADPM6136G
Holding Company :	Tata International Limited
Associates of Holding Company :	· Tata Ceramics Limited (w.e.f 12.09.2011) · According Investments (Propreitary) Limited · Conscience Technologies (Propreitary) Limited · IHMS Hotels (South Africa) (Propreitary) Limited · TCS Africa (Propreitary) Limited · Newshelf 919 (Propreitary) Limited · Tata Motors (SA) (Propreitary) Limited · A.O. Avron
Joint Ventures of Holding Company :	· Tata International DLT Private Limited · Tata International Wolverine Brands · Tata Precision Industries (India) Limited · Itezhi Tezhi Power Corporation Limited
Joint Ventures :	Rite Brand Retail Private Limited
Fellow Subsidiaries :	· Tata Africa Holdings (SA) (Proprietary) Limited · Tata South-East Asia Limited · Tata West Asia FZE · Tata Africa Holdings (Ghana) Limited · TATA Africa Holdings (Kenya) Limited · Tata Africa Holdings (Tanzania) Limited · Tata Africa Services (Nigeria) Limited · Tata Africa Steel Processors (Proprietary) Limited · Tata Automobile Corporation (SA) (Proprietary) Limited · Tata Holdings Mocambique Limited · Tata De Mocambique, Limited · Tata Namibia (Proprietary) limited · Tata Uganda Limited · Tata Zambia Limited · Tata Zimbabwe (Private) Limited · Blackwood Hodge Zimbabwe (Private) Limited · Cometal, S.A.R.L. · Pamodzi Hotels Plc · Tata Africa (Senegal) S.A.R.L. · TIL Leather Mauritius Limited · Bachi Shoes (India) Limited · Euro shoe components Limited · Move on Componentes e calcado.S.A. · Calsea Footwear Private Limited · Drive India Enterprise Solutions Limited · Tata International Trading Brasil Ltda · Tata International Singapore Pte Limited · MONROA PORTUGAL, COMERCIO E SERVICOS, · UNIPESSOAL · Move On Retail Spain, S.L. · TAHL (MAURITIUS) POWER PROJECTS LIMITED · TAHL (MAURITIUS) MINING PROJECTS LIMITED · Tata Africa Cote D lvoire SARL · M Pumalanga Mining Resources S.A · Tata Steel International (North America) Limited · Tata Steel International (Hongkong) Limited · Tata Steel International (UK) Limited

CAPITAL STRUCTURE

As on 10.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6280	Equity Shares	Rs.100/- each	Rs.0.628 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.628	0.628
(b) Reserves & Surplus	764.064	682.835
(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)	764.692	683.463
(3) Non-Current Liabilities
(a) long-term borrowings	49.812	88.164
(b) Deferred tax liabilities (Net)	1.349	26.515
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	7.640	5.309
Total Non-current Liabilities (3)	58.801	119.988
(4) Current Liabilities
(a) Short term borrowings	315.071	172.551
(b) Trade payables	638.767	1301.199
(c) Other current liabilities	58.511	83.021
(d) Short-term provisions	112.653	98.623
Total Current Liabilities (4)	1125.002	1655.394
TOTAL	1948.495	2458.845
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	556.558	537.451
(ii) Intangible Assets	5.697	4.211
(iii) Capital work-in-progress	0.000	1.424
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	31.706	30.360
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	36.499	8.327
(e) Other Non-current assets	6.423	2.740
Total Non-Current Assets	636.883	584.513
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	522.089	422.689
(c) Trade receivables	142.964	132.618
(d) Cash and cash equivalents	15.092	35.622
(e) Short-term loans and advances	73.765	93.126
(f) Other current assets	557.702	1190.277
Total Current Assets	1311.612	1874.332
TOTAL	1948.495	2458.845

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.628
2] Share Application Money		0.000
3] Reserves & Surplus		710.726
4] (Accumulated Losses)		0.000
NETWORTH		711.354
LOAN FUNDS
1] Secured Loans		111.221
2] Unsecured Loans		0.000
TOTAL BORROWING		111.221
DEFERRED TAX LIABILITIES		0.000
TOTAL		822.575
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		336.584
Capital work-in-progress		0.000
INVESTMENT		292.483
DEFERREX TAX ASSETS		9.891
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	376.850
	Sundry Debtors	794.948
	Cash & Bank Balances	139.509
	Other Current Assets	0.000
	Loans & Advances	28.885
Total Current Assets		1340.192
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	469.393
	Other Current Liabilities	624.231
	Provisions	62.951
Total Current Liabilities		1156.575
Net Current Assets		183.617
MISCELLANEOUS EXPENSES		0.000
TOTAL		822.575

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2029.384	1855.238	758.992
		Other Income	30.175	16.563	208.819
		TOTAL (A)	2059.559	1871.801	967.811
Less	EXPENSES
		Consumption materials changes inventories	985.829	914.839	484.413
		Manufacturing service costs	0.000	0.000	91.847
		Purchase of stock in trade	2.737	2.805	0.000
		Employee related expenses	401.743	336.422	82.895
		Administrative selling other expenses	0.000	0.000	73.528
		Other expenses	380.281	299.019	0.000
		Prior Period Items	0.314	(43.407)	4.944
		Changes in inventories of finished goods, work in progress and stock in trade	(53.399)	(12.341)	0.000
		TOTAL (B)	1717.505	1497.337	737.627
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		342.054	374.464	230.184
Less	FINANCIAL EXPENSES (D)		34.783	36.331	4.892
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		307.271	338.133	225.292
Less/ Add	DEPRECIATION/ AMORTISATION (F)		65.852	55.187	42.527
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		241.419	282.946	182.765
Less	TAX (H)		47.653	112.411	37.880
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		193.766	170.535	144.885
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		107.253	52.398	328.593
Less	APPROPRIATIONS
		Transfer to General Reserve	19.400	17.100	14.500
		Interim Dividend	0.000	0.000	349.826
		Proposed Dividend	112.580	98.580	56.754
	BALANCE CARRIED TO THE B/S		169.039	107.253	52.398
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	1746.200	1602.123	681.595
	IMPORTS
		Raw Materials			171.439
		Stores & Spares			97.280
		Capital Goods			17.964
	TOTAL IMPORTS		NA	NA	286.683
	Earnings / (Loss) Per Share (Rs.)		308.54	27155.26	24622.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	9.41	9.11	14.97
Net Profit Margin (PBT/Sales)	(%)	11.90	15.25	24.08
Return on Total Assets (PBT/Total Assets}	(%)	12.59	11.65	10.90
Return on Investment (ROI) (PBT/Networth)		0.32	0.41	0.26
Debt Equity Ratio (Total Debt /Networth)		0.48	0.38	0.15
Current Ratio (Current Asset/Current Liability)		1.17	1.13	1.16

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.628	0.628
Reserves & Surplus	682.835	764.064
Net worth	683.463	764.692
long-term borrowings	88.164	49.812
Short term borrowings	172.551	315.071
Total borrowings	260.715	364.883
Debt/Equity ratio	0.381	0.477

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	758.992	1855.238	2029.384
		144.434	9.387

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	758.992	1855.238	2029.384
Profit	144.885	170.535	193.766
	19.09%	9.19%	9.55%

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	Yes
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	Yes
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

REVIEW OF ACTIVITIES

The Company has streamlined upper production in the newly acquired production units in Ranipet and Ambur.

The Company has stabilised the addition of new customer Clarks from UK during the year and developed the customer into one of the key customers of the company.

Setting Up Upper making facility at Chittoor.

The Company leased factory premises in Chittoor to set up manufacturing base for uppers to leverage the availability of manpower in the area.

The work is in full swing and the company plans to commence the manufacture of its additional upper requirements through this facility.

CHENNAI COURT

CASE STATUS INFORMATION SYSTEM

Case Status:	Pending
Status Of:	TAX CASE APPEAL
Case No.:	133
Year :	2014
Petitioner :	COMMISSIONER OF INCOME TAX
Respondent :	M/S BACHI SHOES INDIA PVT LTD
Pet's Advocate :	M/S.J.NARAYANASWAMY
Res's Advocate :	CHENNAI
Category :	NO CATEGORY MENTIONED
	Last Listed on: No Date Mentioned
Case Updated on :	Apr 16 2014

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90289412	16/06/2005	525,350.00	SUNDARAM FINANCE LTD.	NO. 21 PATULLOS ROAD, CHENNAI-600002 , TAMILNADU , INDIA	-
2	90289371	20/05/2005	421,000.00	SUNDARAM FINANCE LTD.	NO. 21 PATULLOS ROAD, CHENNAI-600002, TAMILNADU, INDIA	-
3	80037510	15/09/2011 *	807,639,604.00	INDIAN OVERSEAS BANK	PURASAWALKAM BRANCH, NO.15, HUNTERS ROAD, CHENNAI-600112 ,TAMILNADU, INDIA	B22490908

* Date of charge modification

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Furniture and Fittings

· Data processing machines

· Buses and Van

· Motor 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 records 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.61.05
UK Pound	1	Rs.101.83
Euro	1	Rs. 81.55

INFORMATION DETAILS

Information Gathered by :	NYN
Analysis Done by :	RSM
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--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	YES
--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		61

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.