1. Summary Information

		Country	INDIA
Company Name	GOOD LEATHER SHOES PRIVATE LIMITED	Principal Name 1	MR. KAMMA RAMASAMY VIJAYAN
Status	SATISFACTORY	Principal Name 2	MR. KETHINI RAMASWAMY BABU
		Registration #	18-028398
Street Address	NO.47, 1^ST FLOOR, THIRUVENGADAM STREET, PERIAMET, CHENNAI – 600 003, TAMILNADU
Established Date	24.08.1994	SIC Code	--
Telephone#	91-44-25368090	Business Style 1	MANUFACTURER
Fax #	91-44-25380512/	Business Style 2	EXPORTER
Homepage	www.goodleathergroup.com	Product Name 1	LEATHER SHOES
# of employees	250 (APPROXIMATELY)	Product Name 2	SHOE UPPERS
Paid up capital	RS.109,000,000/-	Product Name 3
Shareholders	DIRECTORS OR RELATIVES OF DIRECTORS – 100%	Banking	STATE BANK OF INDIA
Public Limited Corp.	NO	Business Period	20 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (43)
Related Company
Relation	Country	Company Name	CEO
ASSOCIATES/ SUBSIDIARIES (CONFIRMED BY MANAGEMENT)	--	GOOD LEATHER COMPANY	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	213,792,000	Current Liabilities	69,210,000
Inventories	79,900,000	Long-term Liabilities	222,718,000
Fixed Assets	204,590,000	Other Liabilities	10,252,000
Deferred Assets	0,000	Total Liabilities	302,180,000
Invest& other Assets	89,632,000	Retained Earnings	176,734,000
		Net Worth	285,734,000
Total Assets	587,914,000	Total Liab. & Equity	587,914,000
Total Assets (Previous Year)	571,504,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales (Approximately)	1,100,000,000	Net Profit	65,379,000
Sales (Approximately) (Previous yr)/	850,000,000	Net Profit(Prev.yr)	46,477,000

MIRA INFORM REPORT

Report Date :

22.02.2014

IDENTIFICATION DETAILS

Name :	GOOD LEATHER SHOES PRIVATE LIMITED
Registered Office :	No.47, 1^st Floor, Thiruvengadam Street, Periamet, Chennai – 600 003, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.08.1994
Com. Reg. No.:	18-028398
Capital Investment / Paid-up Capital :	Rs.109.000 millions
CIN No.: [Company Identification No.]	U19201TN1994PTC028398
TAN No.: [Tax Deduction & Collection Account No.]	CHEG05011G
PAN No.: [Permanent Account No.]	AAACG8998G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Leather Shoes and Shoe Uppers.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1143000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has achieved fair profitability from its operational activities during the financial year 2013. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	December 27, 2013

Rating Agency Name	CRISIL
Rating	Short Term Rating: A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	December 27, 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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Pravin B.
Designation :	Accounts Manager
Contact No.:	91-44-25611255
Date :	21.02.2014

LOCATIONS

Registered Office/ Administrative Office :	No.47, 1^st Floor, Thiruvengadam Street, Periamet, Chennai – 600 003, Tamilnadu, India
Tel. No.:	91-44-25368090/ 25365955/ 25380512/ 25611255/ 25611090
Fax No.:	91-44-25380512/ 25610512
E-Mail :	goodleather@goodleathergroup.com goodledr@md4.vsnl.net.in goodledr@touchtelindia.net goodledr@goodleather.net goodler@md4.vsnl.net.in goodleather@yahoo.com
Website :	http://www.goodleathergroup.com
Location :	Owned
Factory 1 :	49, Goparasanallur, Puliampedu, Noombal Post, Chennai – 600 077, Tamilnadu, India
Tel. No.:	91-44-25380512/ 26272759/ 26496310
Location :	Owned
Factory 2 :	158, Thiruneermalai Road, Chrompet, Chennai – 600 044, Tamilnadu, India
Tel. No.:	91-44-22412727
Fax No.:	91-44-25380512
Location :	Rented
Factory 3 :	702/6, M.B.T. Road Cross, Rainpet – 632 401, Tamilnadu, India
Tel. No.:	91-4172-274697, 272486
Fax No.:	91-4172-272865
Location :	Owned
Factory 4 :	41/3 A, Vayalur Road, Thodukadu Village, Thiruvallur, Tamilnadu, India
Tel. No.:	91-44-27658215/ 27658216
Location :	Owned
Factory.5:	136, Arakkonam Road, Namchivayapuram Village, Thodukadu P.O., Thiruvallur District – 602 105, Tamilnadu, India
Tel. No.:	91-44-27658427/ 27658574
Location :	Owned
Factory .6:	79/62, Anna Salai, Nageikeni, Chrompet, Chennai – 600 044, Tamilnadu, India
Tel. No.:	91-44-22483824/ 22483834
Location :	Rented

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Kamma Ramasamy Vijayan

Designation :

Managing Director

Address :

No.34, IInd East Main Road, Gandhi Nagar, Vellore – 632 001, Tamilnadu, India

Date of Birth/Age :

01.06.1953

Date of Appointment :

24.08.1994

DIN No:

01750645

PAN No.:

ABHPV2176Q

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	U19201TN1994PTC028398	GOOD LEATHER SHOES PRIVATE LIMITED	Managing director	24-08-1994	24-08-1994	-	Active	NO
2	U19119TN1984PTC010764	VENKAT SHOES PRIVATE LIMITED	Managing director	07-11-2001	07-11-2001	-	Active	NO
3	U19112TN2007PTC062811	GOOD SHOE COMPONENTS PRIVATE LIMITED	Director	21-03-2007	21-03-2007	-	Active	NO

Name :

Mr. Kethini Ramaswamy Babu

Designation :

Managing Director

Address :

No.34, IInd East Main Road, Gandhi Nagar, Vellore – 632 001, Tamilnadu, India

Date of Birth/Age :

16.03.1969

Date of Appointment :

24.08.1994

DIN No:

00590116

PAN No.:

AHSPB1420A

Name :

Mr. R. Sekaran

Designation :

Director

Address :

No.34, IInd East Main Road, Gandhi Nagar, Vellore – 632 001, Tamilnadu, India

Date of Birth/Age :

28.05.1960

Date of Appointment :

24.08.1994

PAN No.:

AIQPS9424G

Name :

Mr. R. Perumal

Designation :

Director

Address :

No.34, IInd East Main Road, Gandhi Nagar, Vellore – 632 001, Tamilnadu, India

Date of Birth/Age :

22.03.1962

Date of Appointment :

24.08.1994

PAN No.:

AEJPP1514M

Name :

Mr. K.R. Munikannan

Designation :

Director

Address :

No.34, IInd East Main Road, Gandhi Nagar, Vellore – 632 001, Tamilnadu, India

Date of Birth/Age :

28.05.1970

Date of Appointment :

24.08.1994

PAN No.:

ADMPM1429L

Name :

Mr. K. Govindaraju

Designation :

Director

Address :

No.34, IInd East Main Road, Gandhi Nagar, Vellore – 632 001, Tamilnadu, India

Date of Birth/Age :

01.07.1946

Date of Appointment :

24.08.1994

PAN No.:

ACVPG5100G

KEY EXECUTIVES

Name :	Mr. Pravin B.
Designation :	Accounts Manager
Name :	Mr. Kanzur Rahman
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
K.R. Vijayan	278000	25.50
K.R. Babu	162400	14.90
R. Sekaran	162400	14.90
R. Perumal	162400	14.90
K.R. Munikannan	162400	14.90
K. Govindaraju	162400	14.90
Total	1090000	100.00

AS ON 30.09.2013

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Leather Shoes and Shoe Uppers.
Exports :
Products :	Finished Goods
Countries :	UK Netherlands Hong Kong Germany Hungary
Imports :
Products :	Raw Materials
Countries :	Sweden Egypt Italy Hong Kong
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

• Aster
• Hotter
• Apple Dance Shoes
• Equity
• Van Dal
• Park Avenue
• Gaia
• GBB
• Kickers

No. of Employees :

250 (Approximately)

Bankers :

• State Bank of India, Commercial Branch, 1^st Floor, Palar Towers, Walajapet – 632 513, Tamilnadu, India
• State Bank of India, Palar Tower, M.B.T. Road, Walajapet, Vellore – 632 513, Tamilnadu, India
• ABN Amro Bank
• HDFC Bank Limited
• ICICI Bank Limited
• Indian Bank
• Axis Bank Limited

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	56.685	76.651
SHORT-TERM BORROWINGS
Rupee term loans from banks	166.033	136.426
Total	222.718	213.077

Banking Relations :	--
Auditors :
Name :	K.V. Chandramouli and Company Chartered Accountants
Address :	Thiruvengadam Street, Periamet, Chennai, Tamilnadu, India
PAN No:	AAGFK1270L
Associates/ Subsidiaries (Confirmed by Management) :	Good Leather Company

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1100000	Equity Shares	Rs.100/- each	Rs.110.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1090000	Equity Shares	Rs.100/- each	Rs.109.000 millions

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	109.000	109.000
(b) Reserves & Surplus	176.734	111.355
(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)	285.734	220.355
(3) Non-Current Liabilities
(a) Long-term borrowings	56.685	76.651
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	56.685	76.651
(4) Current Liabilities
(a) Short term borrowings	166.033	136.426
(b) Trade payables	69.210	128.988
(c) Other current liabilities	0.000	0.547
(d) Short-term provisions	10.252	8.537
Total Current Liabilities (4)	245.495	274.498
TOTAL	587.914	571.504
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	204.590	188.841
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	89.632	89.632
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	6.466	6.466
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	300.688	284.939
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	79.900	92.623
(c) Trade receivables	129.150	136.789
(d) Cash and cash equivalents	18.208	19.033
(e) Short-term loans and advances	0.637	0.202
(f) Other current assets	59.331	37.918
Total Current Assets	287.226	286.565
TOTAL	587.914	571.504

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		109.000
2] Share Application Money		0.000
3] Reserves & Surplus		64.878
4] (Accumulated Losses)		0.000
NETWORTH		173.878
LOAN FUNDS
1] Secured Loans		218.690
2] Unsecured Loans		0.000
TOTAL BORROWING		218.690
DEFERRED TAX LIABILITIES		0.000
TOTAL		392.568
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		107.961
Capital work-in-progress		0.000
INVESTMENT		89.632
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	122.666
	Sundry Debtors	98.796
	Cash & Bank Balances	14.283
	Other Current Assets	20.897
	Loans & Advances	9.256
Total Current Assets		265.898
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	62.069
	Other Current Liabilities	0.000
	Provisions	8.854
Total Current Liabilities		70.923
Net Current Assets		194.975
MISCELLANEOUS EXPENSES		0.000
TOTAL		392.568

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1100.000 (Approximately)	850.000 (Approximately)	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		120.244	87.978	63.809
Less	INTEREST		25.616	20.877	19.348
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		94.628	67.101	44.461
Less/ Add	DEPRECIATION/ AMORTISATION		29.249	20.624	15.427
	PROFIT/ (LOSS) BEFORE TAX		65.379	46.477	29.034
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		65.379	46.477	29.034
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB Basis	1018.616	GBP - 6635226.90 EURO - 4307136.96	GBP - 6495219.35 EURO - 4404181.03
		Other income – Sample sale		GBP - 23091.98 EURO - 33584.13	GBP -10795.67 EURO - 58743.11
	IMPORTS
		Raw Materials	NA	116.986	165.763
		Components & Spare Parts	NA	20.775	22.934
		Capital Goods	NA	49.743	5.126
	TOTAL IMPORTS		NA	187.504	193.823
	Earnings/ (Loss) Per Share (Rs.)		59.98	42.64	NA

Expected Sales (2013-2014): Rs.1200.000 millions

The above information has been parted by Mr. Pravin B. (Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	13.12	9.65	7.77
Return on Investment (ROI) (PBT/Networth)		0.23	0.21	0.17
Debt Equity Ratio (Total Debt /Networth)		0.78	0.97	1.26
Current Ratio (Current Asset/Current Liability)		1.17	1.04	3.75

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)
Share Capital	109.000	109.000
Reserves & Surplus	111.355	176.734
Net worth	220.355	285.734
long-term borrowings	76.651	56.685
Short term borrowings	136.426	166.033
Total borrowings	213.077	222.718
Debt/Equity ratio	0.967	0.779

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)
Sales (Approximately)	850.000	1100.000
		29.412

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)
Sales (Approximately)	850.000	1100.000
Profit	46.477	65.379
	5.47%	5.94%

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 two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10308707	20/08/2011	101,000,000.00	STATE BANK OF INDIA	PALAR TOWER, M.B.T. ROAD, WALAJAPET, VELLORE, TAMILNADU - 632513, INDIA	B21847769
2	10129341	23/09/2008	15,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, WALAJAPET, WALAJAPET, TAMILNADU - 632513, INDIA	A48488282
3	10120091	18/07/2008	123,100,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, WALAJAPET, WALAJAPET, TAMILNADU - 632513, INDIA	A44628998
4	90282205	20/08/2011 *	297,300,000.00	STATE BANK OF INDIA	PALAR TOWER, M.B.T. ROAD, WALAJAPET, VELLORE, TAMILNADU - 632513, INDIA	B21290622

* Date of charge modification

Fixed Assets:

· Land

· Buildings

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipments

· 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.62.16
UK Pound	1	Rs.103.44
Euro	1	Rs.85.27

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.