MIRA INFORM REPORT

Report Date :

09.01.2014

IDENTIFICATION DETAILS

Name :	GEMINI SHOES ENTERPRISES PRIVATE LIMITED
Registered Office :	N.S.R. Bulidings, Old D.No.96/2, New No.244, M.C. Road, Ambur - 635802, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.04.1995
Com. Reg. No.:	18-031113
Capital Investment / Paid-up Capital :	Rs.0.106 Million
CIN No.: [Company Identification No.]	U19201TN1995PTC031113
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of leather soles, finished leathers, rubber injected leather soles
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (28

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 34000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management of the company has failed to file its financials of 2012 and 2013 with government department. As per previous record, profitability of the company appears to be low However, trade relations are reported as fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with some caution.

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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 DECLINED

Management Non-Cooperative (91-4174-258099)

LOCATIONS

Registered Office :	N.S.R. Bulidings, Old D.No.96/2, New No.244, M.C. Road, Ambur - 635802, Tamilnadu, India
Tel. No.:	91-4174-258099 / 258309 / 242934
Fax No.:	91-4174-258109 / 246550
E-Mail :	chander4@md3.vsnl.net.in
Factory :	# 242, M.C. Road, Vinnamangalam, Minnur – 635807, Tamilnadu, India

DIRECTORS

As on 29.09.2011

Name :

Mrs. Meena Umachander

Designation :

Director

Address :

126, P.S. Sivasamy Road, Mylapore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

30.12.1956

Date of Appointment :

01.02.2011

DIN No.:

00779168

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	U18209TN1987PTC015227	CHANDER SHOE COMPONENTS PRIVATE LIMITED	Director	28/12/1987	28/12/1987	-	Active	NO
2	U19201TN1995PTC031113	GEMINI SHOES ENTERPRISES PRIVATE LIMITED	Director	1/2/2011	1/2/2011	-	Active	NO

Name :

Mrs. Aparna Umachander

Designation :

Director

Address :

126, P.S. Sivasamy Road, Mylapore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

19.10.1981

Date of Appointment :

23.02.2000

DIN No.:

00779364

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	U19201TN1995PTC031113	GEMINI SHOES ENTERPRISES PRIVATE LIMITED	Director	23/02/2000	23/02/2000	-	Active	NO
2	U19201TN2005PTC055515	A M SHOES AND SOLES PRIVATE LIMITED	Director	1/3/2005	1/3/2005	-	Strike off	NO

Name :

Mr. Sounderarajan Umachander

Designation :

Managing director

Address :

126, P.S. Sivasamy Road, Mylapore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

25.05.1948

Date of Appointment :

02.06.2004

DIN No.:

00779420

Name :

Mrs. Anupama Umachander

Designation :

Director

Address :

126, P.S. Sivasamy Road, Mylapore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

25.05.1983

Date of Appointment :

01.02.2011

DIN No.:

02646164

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	U18209TN1987PTC015227	CHANDER SHOE COMPONENTS PRIVATE LIMITED	Director	1/6/2009	1/6/2009	-	Active	NO
2	U19201TN1995PTC031113	GEMINI SHOES ENTERPRISES PRIVATE LIMITED	Director	1/2/2011	1/2/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Anupama Umachander	900
SN Mahadevan	50
M. Jaganathan	30
Meena Umachander	30
Prema Bhaskar	50
Total	1060

As on 29.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of leather soles, finished leathers, rubber injected leather soles

PRODUCTION STATUS

Particulars	31.03.2011
Licensed Capacity	290000
Installed Capacity	290000
Actual Production	1295885

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· State Bank of India, 11, Nethaji Road, Ambur – 635802, Tamilnadu, India

· State Bank of India, Madame Cama Road, 400021 Mumbai, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
State Bank of India TL	0.000	2.591
State Bank of India (OD)	4.099	4.935
Total	4.099	7.526
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Form Director	4.404	14.126
Form Shareholders	4.106	0.000
Form Others	44.740	4.232
Total	53.250	18.358

Banking Relations :	--
Auditors :
Name :	K.L. Ramadurai Chartered Accountant
Address :	G-2, Padmaja Apartments, 5/3, Cart Trake Road, T. Nagar, Chennai – 600017, Tamilnadu, India
PAN.:	AANPR9613F

CAPITAL STRUCTURE

As on 31.03.2011

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
1060	Equity Shares	Rs.100/- each	Rs.0.106 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.106	0.106	0.106
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.462	8.001	7.182
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.568	8.107	7.288
LOAN FUNDS
1] Secured Loans		4.099	7.526	0.139
2] Unsecured Loans		53.250	18.358	25.203
TOTAL BORROWING		57.349	25.884	25.342
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		65.917	33.991	32.630
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.609	24.824	18.276
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.134	2.351	6.242
	Sundry Debtors	29.734	9.449	9.409
	Cash & Bank Balances	35.219	1.585	3.965
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.846	1.638	1.055
Total Current Assets		81.933	15.023	20.671
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.113	5.689	6.205
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.512	0.167	0.112
Total Current Liabilities		36.625	5.856	6.317
Net Current Assets		45.308	9.167	14.354
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		65.917	33.991	32.630

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
TURNOVER	111.613	38.179	39.021
EXPENSES	NA	NA	NA
PROFIT BEFORE INTEREST AND DEPRECIATION	3.647	2.796	1.942
INTEREST AND DEPRECIATION	2.674	1.810	1.415
NET PROFIT AFTER INTEREST AND DEPRECIATION	0.973	0.986	0.527
IMPORTS VALUE	53.023	7.511	13.347

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	0.95	2.47	1.35
Return on Investment (ROI) (PBT/Networth)		0.11	0.12	0.07
Debt Equity Ratio (Total Liability/Networth)		10.97	3.92	4.34
Current Ratio (Current Asset/Current Liability)		2.24	2.57	3.27

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

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

Fixed Assets

· Building

· Plant and machinery

· Furniture and Fixture

· Office Equipments

· Electrical Fittings

· Carrying Vehicle

· Computer

· Generator

· Motor Car

· Air Conditioner

· Refrigerator

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.62.24
UK Pound	1	Rs.102.17
Euro	1	Rs.84.82

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.