1. Summary Information

		Country	India
Company Name	A V THOMAS LEATHER AND ALLIED PRODUCTS PRIVATE LIMITED	Principal Name 1	Mr. Ajit Thomas
Status	Satisfactory	Principal Name 2	Mr. Dilip Thomas
		Registration #	18-007377
Street Address	22, Marshalls Road, Egmore, Chennai – 600008, Tamilnadu
Established Date	21.09.1977	SIC Code	--
Telephone#	91-44-28553249	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	Exporter
Homepage	www.avtleather.com	Product Name 1	Leather Wallets
# of employees	Not Divulged	Product Name 2	Leather Goods
Paid up capital	Rs.9,878,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors – 100%	Banking	Indian Bank
Public Limited Corp.	No	Business Period	37 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (53)
Related Company
Relation	Country	Company Name	CEO
Subsidiaries	India	A.V. Thomas Exports Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	748,713,000	Current Liabilities	445,753,000
Inventories	1,079,942,000	Long-term Liabilities	587,974,000
Fixed Assets	149,034,000	Other Liabilities	222,194,000
Deferred Assets	0,000	Total Liabilities	1,255,921,000
Invest& other Assets	144,381,000	Retained Earnings	856,271,000
		Net Worth	866,149,000
Total Assets	2,122,070,000	Total Liab. & Equity	2,122,070,000
Total Assets (Previous Year)	1,983,834,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales (Total Income)	3,135,382,000	Net Profit	60,298,000
Sales(Total Income) (Previous yr)	3,070,969,000	Net Profit(Prev.yr)	480,084,000

MIRA INFORM REPORT

Report Date :

28.05.2014

IDENTIFICATION DETAILS

Name :	A V THOMAS LEATHER AND ALLIED PRODUCTS PRIVATE LIMITED (w.e.f. 08.11.2002)
Formerly Known As :	A V THOMAS LEATHER AND ALLIED PRODUCTS LIMITED
Registered Office :	22, Marshalls Road, Egmore, Chennai – 600008, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.09.1977
Com. Reg. No.:	18-007377
Capital Investment / Paid-up Capital :	Rs.9.878 Millions
CIN No.: [Company Identification No.]	U18209TN1977PTC007377
TAN No.: [Tax Deduction & Collection Account No.]	CHEA00398G
PAN No.: [Permanent Account No.]	AAACA6264K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Leather Goods, Shoe and Shoe Upper.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 3500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating “BBB”
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	Feb 17, 2014

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 DENIED BY

Name :	Ms. Radha
Designation :	Accounts Executive
Contact No.:	91-44-28553249
Date :	21.05.2014

LOCATIONS

Registered Office :	22, Marshalls Road, Egmore, Chennai – 600008, Tamilnadu, India
Tel. No.:	91-44-28553249
Fax No.:	Not Available
E-Mail :	hari@avleather.com balu@avleather.com
Website :	http://www.avtleather.com
Corporate Office :	118-A, Velachari Road, Guindy, Chennai – 600032, Tamilnadu, India
Tel. No.:	91-44-32466773 / 32466786
Mobile No.:	91-9840914000 (Mr. Habib Hussain)
Fax No.:	91-44-2201963 / 22201965
E-Mail :	avt@avleather.com
Factory 1 :	11 and 12, Race Course Road, Guindy, Chennai – 600032, Tamilnadu, India
Factory 2 :	50, Mutupalaniappa Nagar, Nagalkeni, Chennai – 600044, Tamilnadu, India
Factory 3 :	4 A and B, PP Amman Koil Street, Chrompet, Chennai – 600044, Tamilnadu, India
Mobile No.:	91-9940496229 (Mr. D. Raja Babu)

DIRECTORS

As on: 27.05.2013

Name :

Mr. Ajit Thomas

Designation :

Director

Address :

47, Vijayaraghava Road, T. Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

07.06.1954

Qualification :

B.Sc

Date of Appointment :

21.09.1977

PAN No.:

AAAPT8581H

DIN No.:

00018691

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	U18209TN1977PTC007377	A V THOMAS LEATHER & ALLIED PRODUCTS PRIVATE LIMITED	Director	21/09/1977	21/09/1977	-	Active	NO
2	L51102TN1941PLC000023	A.V.THOMAS INTERNATIONAL LIMITED	Director	27/09/1978	27/09/1978	29/01/2010	Active	NO
3	L51109KL1935PLC000024	A V THOMAS AND CO LIMITED	Whole-time director	01/02/2013	27/09/1978	-	Active	NO
4	U67120TN1976PLC007167	A V THOMAS INVESTMENTS CO LTD	Director	25/06/1980	25/06/1980	-	Active	NO
5	L01117TZ1943PLC000117	NEELAMALAI AGRO INDUSTRIES LIMITED	Director	31/01/2010	18/07/1980	-	Active	NO
6	U25199KL1984PLC013414	MIDLAND LATEX PRODUCTS LIMITED	Director	11/07/1984	11/07/1984	-	Active	NO
7	L15142TN1986PLC012780	AVT NATURAL PRODUCTS LIMITED	Director	12/03/1986	12/03/1986	-	Active	NO
8	L01132KL1943PLC000782	THE NELLIAMPATHY TEA AND PRODUCE COMPANY LIMITED	Director	31/07/2011	18/08/1989	-	Active	NO
9	L25191KL1937PLC000691	MIDLAND RUBBER AND PRODUCE CO LTD	Director	31/07/2010	20/03/1991	-	Active	NO
10	U33112TN1993PTC026049	TELEFLEX MEDICAL PRIVATE LIMITED	Director	18/11/1993	18/11/1993	-	Active	NO
11	U51225TN1993PTC026433	AVT MCCORMICK INGREDIENTS PRIVATE LIMITED	Director	22/12/1993	22/12/1993	-	Active	NO
12	U74900TN2000PTC044810	AVT HOLDINGS PRIVATE LIMITED	Director	25/04/2001	25/04/2001	-	Active	NO
13	U29119TN2002PTC048352	SERMATECH PRIVATE LIMITED	Director	25/01/2002	25/01/2002	29/01/2010	Active	NO
14	U74999TN1984PLC010850	A.V.THOMAS EXPORTS LIMMITTED.	Director	02/07/2004	02/07/2004	-	Active	NO
15	U72300TN1999PTC043754	IQ TECH PRIVATE LIMITED	Director	05/08/2004	05/08/2004	29/01/2010	Active	NO
16	U67120TN2005PTC055674	AJIT THOMAS HOLDINGS PRIVATE LIMITED	Director	16/03/2005	16/03/2005	-	Active	NO
17	U65993TN2005PTC055807	MIDLAND CORPORATE ADVISORY SERVICES PRIVATE LIMITED	Director	30/03/2005	30/03/2005	-	Active	NO
18	U65993MH1996PLC211198	L&T Mutual Fund Trustee Limited	Director	06/07/2006	06/07/2006	16/06/2010	Active	NO
19	U72200TN2003PTC051522	TEKESSENCE SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	25/10/2007	25/10/2007	16/12/2009	Active	NO
20	U15499TN2008PTC065914	AVT GAVIA FOODS PRIVATE LIMITED	Director	02/01/2008	02/01/2008	-	Active	NO
21	L72200TN1999PLC054429	SAKSOFT LIMITED	Director	06/08/2010	31/07/2009	-	Active	NO
22	L01131TN1943PLC002723	L.J. INTERNATIONAL LIMITED	Director	29/10/2009	29/10/2009	-	Active	NO

Name :

Mr. Dilip Thomas

Designation :

Director

Address :

New No. 2, Old No. 9, Lodi Khan Street, T. Nagar, Chennai – 600 017, Tamilnadu, India

Date of Birth/Age :

07.08.1958

Qualification :

B.Com

Date of Appointment :

30.09.1987

PAN No.:

AAAPT5000H

DIN No.:

00052185

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	L51102TN1941PLC000023	A.V.THOMAS INTERNATIONAL LIMITED.	Director	19/03/1984	19/03/1984	-	Active	NO
2	L01119KL1925PLC000416	THE HIGHLAND PRODUCE CO LIMITED	Director	01/08/2012	25/04/1985	-	Active	NO
3	L51109KL1935PLC000024	A V THOMAS AND CO LTD	Director	08/09/2010	25/04/1985	-	Active	NO
4	L01131TN1943PLC002723	L.J. INTERNATIONAL LIMITED	Director	25/04/1985	25/04/1985	-	Active	NO
5	L25191KL1937PLC000979	THE RAJAGIRI RUBBER AND PRODUCE COMPANY LIMITED	Managing director	01/08/2012	25/04/1985	-	Active	NO
6	U18209TN1977PTC007377	A V THOMAS LEATHER & ALLIED PRODUCTS PRIVATE LIMITED	Director	30/09/1987	30/09/1987	-	Active	NO
7	U67120TN1976PLC007167	A V THOMAS INVESTMENTS CO LTD	Director	21/08/1992	21/08/1992	-	Active	NO
8	U92412KA1993PTC014593	GOLFWARE (INDIA) PRIVATE LIMITED	Director	28/07/1993	28/07/1993	-	Active	NO
9	U36999TN1998PLC041346	DALP TRADING AND MANUFACTURING LIMITED	Director	30/10/1998	30/10/1998	-	Active	NO
10	L22213TN1995PLC031845	UNIVERSAL PRINT SYSTEMS LIMITED	Director	20/06/2000	20/06/2000	12/06/2008	Active	NO
11	U74999TN1984PLC010850	A.V.THOMAS EXPORTS LIMMITTED.	Director	02/07/2004	02/07/2004	-	Active	NO
12	U02021TZ2007PTC013547	AVT WOOD PRODUCTS PRIVATE LIMITED	Director	21/03/2007	21/03/2007	-	Active	NO
13	U74900DL2009PTC195499	USHA STUD AND AGRICUTURAL FARMS PRIVATE LIMITED	Director	24/06/2012	24/06/2012	-	Active	NO
14	U93000TN2013PTC092447	AVTS2 Virtual Lifestyle Private Limited	Director	08/08/2013	08/08/2013	-	Active	NO

Name :

Mrs. Priyalatha Thomas

Designation :

Director

Address :

New No. 2, Old No. 9, Lodi Khan Street, T. Nagar, Chennai – 600 017, Tamilnadu, India

Date of Birth/Age :

15.07.1960

Qualification :

M.A

Date of Appointment :

02.02.1996

PAN No.:

AAAPT3406B

DIN No.:

00052237

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	L51109KL1935PLC000024	A V THOMAS AND CO LIMITED	Director	25/04/1985	25/04/1985	18/06/2008	Active	NO
2	U18209TN1977PTC007377	A V THOMAS LEATHER & ALLIED PRODUCTS PRIVATE LIMITED	Director	02/02/1996	02/02/1996	-	Active	NO
3	L01119KL1925PLC000416	THE HIGHLAND PRODUCE CO LTD	Director	29/07/1998	29/07/1998	-	Active	NO
4	L25191KL1937PLC000979	THE RAJAGIRI RUBBER AND PRODUCE COMPANY LIMITED	Whole-time director	01/10/2010	29/07/1998	-	Active	NO
5	U36999TN1998PLC041346	DALP TRADING AND MANUFACTURING LIMITED	Director	30/10/1998	30/10/1998	-	Active	NO
6	U02021TZ2007PTC013547	AVT WOOD PRODUCTS PRIVATE LIMITED	Director	21/03/2007	21/03/2007	-	Active	NO
7	L51102TN1941PLC000023	A.V.THOMAS INTERNATIONAL LIMITED.	Director	05/09/2011	29/01/2010	-	Active	NO
8	L01131TN1943PLC002723	L.J. INTERNATIONAL LIMITED	Director	05/09/2011	18/10/2010	-	Active	NO
9	U93000TN2013PTC092447	AVTS2 Virtual Lifestyle Private Limited	Additional Director	28/11/2013	28/11/2013	-	Active	NO

Name :

Ms. Shanthi Thomas

Designation :

Director

Address :

New No. 47, Old No. 24, Vijayaraghava Road, T. Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

28.07.1954

Qualification :

B.A

Date of Appointment :

02.02.1996

PAN No.:

AAOPS9457H

DIN No.:

00567935

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	U18209TN1977PTC007377	A V THOMAS LEATHER & ALLIED PRODUCTS PRIVATE LIMITED	Director	02/02/1996	02/02/1996	-	Active	NO
2	L01117TZ1943PLC000117	NEELAMALAI AGRO INDUSTRIES LIMITED	Director	18/03/1998	18/03/1998	-	Active	NO
3	U65993TN2005PTC055807	MIDLAND CORPORATE ADVISORY SERVICES PRIVATE LIMITED	Director	30/03/2005	30/03/2005	-	Active	NO
4	L25191KL1937PLC000691	MIDLAND RUBBER AND PRODUCE CO LTD	Director	29/08/2013	31/01/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Radha
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 27.05.2013

Names of Shareholders	No. of Shares
Ajit Thomas	493900
Diip Thomas	492750
Priyalatha Thomas	1150
Total	987800

Equity Share Break up (Percentage of Total Equity)

As on: 27.05.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Leather Goods, Shoe and Shoe Upper.

Products :

Product Description	ITC Code
Leather	4202

• Footwear
• Belts
• Leather Accessories

Brand Names :

· GEOX

· Hushpuppies

· Startrite

· Mephisto

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

• State Bank of India, Commercial Branch, No. 232 NSC Bose Road, Chennai – 600 001, Tamilnadu, India
• Citibank N.A., No.2, Club House Road, Annasalai, Chennai - 600002, Tamil Nadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Rupee term loans from banks	0.470	0.000
Short Term Borrowings
Working capital loans from banks	587.504	533.818
Total	587.974	533.818

Banking Relations :

--

Auditors :

Name :

Suri and Company

Chartered Accountants

Address :

No. 4, Chevalier Sivajiganesan Road, T Nagar, Chennai – 600017, Tamil Nadu, India

Tel. No.:

91-44-24341140 / 24341150

Fax No.:

91-44-24341170

E-Mail :

suriche@eth.net

PAN No.:

AABFS5023Q

Associates :

· A V Thomas and Company Limited, India

CIN No. L51109KL1935PLC000024

· Neelamalai Agro Industries Limited, India

CIN No. L01117TZ1943PLC000117

· A V T Leather Incorporation, USA

· Alina Private Limited

· CIN No. U18104TN2005PTC057229

Subsidiary :

A.V. Thomas Exports Limited, India

CIN No. U74999TN1984PLC010850

CAPITAL STRUCTURE

As on: 27.05.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
21000000	Equity Shares	Rs.10/- each	Rs.210.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
987800	Equity Shares	Rs.10/- each	Rs.9.878 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.878
(b) Reserves & Surplus	856.271
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	866.149
(3) Non-Current Liabilities
(a) long-term borrowings	0.470
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	4.216
Total Non-current Liabilities (3)	4.686
(4) Current Liabilities
(a) Short term borrowings	587.504
(b) Trade payables	329.585
(c) Other current liabilities	116.168
(d) Short-term provisions	217.978
Total Current Liabilities (4)	1,251.235
TOTAL	2,122.070
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	149.034
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	12.592
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	26.964
(e) Other Non-current assets	0.000
Total Non-Current Assets	188.590
(2) Current assets
(a) Current investments	131.789
(b) Inventories	1,079.942
(c) Trade receivables	198.554
(d) Cash and cash equivalents	32.340
(e) Short-term loans and advances	489.707
(f) Other current assets	1.148
Total Current Assets	1,933.480
TOTAL	2,122.070

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		9.878	159.878
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		819.087	391.631
4] (Accumulated Losses)		0.000	0.000
NETWORTH		828.965	551.509
LOAN FUNDS
1] Secured Loans		533.818	556.294
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		533.818	556.294
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		1,362.783	1,107.803
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		93.155	105.329
Capital work-in-progress		0.000	0.000
INVESTMENT		179.850	12.592
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	978.243	836.899
	Trade receivable	280.449	177.082
	Cash & Bank Balances	12.825	82.742
	Other Current Assets	0.406	0.041
	Loans & Advances	438.906	211.891
Total Current Assets		1,710.829	1,308.655
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	320.500	190.149
	Other Current Liabilities	74.852	62.723
	Provisions	225.699	65.901
Total Current Liabilities		621.051	318.773
Net Current Assets		1,089.778	989.882
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1,362.783	1,107.803

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012
	SALES
	Sale of Products	2,900.647	2,340.654
	Sale of Services	6.803	4.282
	Other Operating Revenue	216.209	154.357
	Other Income	11.723	571.676
	TOTAL	3,135.382	3,070.969
Less	EXPENSES
	Cost of Raw Materials and Components Consumed	1,743.452	1,325.261
	(Increase) / Decrease in Inventories	11.432	(45.529)
	Purchase of Finished Goods	195.056	269.132
	Refinishing and Other Labour Charges	362.805	312.665
	Employees benefits expense	295.500	243.980
	Other expenses	356.843	275.473
	TOTAL	2,965.088	2,380.982
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	170.294	689.987
Less	FINANCIAL EXPENSES	74.909	63.365
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	95.385	626.622
Less/ Add	DEPRECIATION/ AMORTISATION	18.287	18.538
	PROFIT/ (LOSS) BEFORE TAX	77.098	608.084
Less	TAX	16.800	128.000
	PROFIT/ (LOSS) AFTER TAX	60.298	480.084
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	55.963	58.507
Less	APPROPRIATIONS
	Dividend on Equity Shares @ 200%	19.756	39.512
	Dividend on Preference Shares	0.000	5.770
	Tax on Dividend	3.358	6.410
	Transfer to General Reserve	70.000	280.000
	Transfer to Capital Redemption Reserve on account of Redemption of 6% Preference Shares	0.000	150.000
	Provision for Tax on Interim Dividend	0.000	0.936
	Balance Carried to the B/S	23.147	55.963
	Earnings / (Loss) Per Share (Rs.)	61.04	486.01

	PARTICULARS		31.03.2011
	SALES
		Income	2015.000
		Other Income	6.135
		TOTAL	2021.135
Less	EXPENSES
		(Increase)/ Decrease in Stock	1957.084
		Administrative Expenses
		Advertising Expenses
		TOTAL	1957.084 [Including Financial Expenses]
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
Less	FINANCIAL EXPENSES
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		64.051
Less/ Add	DEPRECIATION/ AMORTISATION		19.065
	PROFIT BEFORE TAX		44.986
Less	TAX		16.300
	PROFIT AFTER TAX		28.686
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		62.029
Less	APPROPRIATIONS
		Transfer to SEZ Re-investment allowance reserve	2.324
		Dividend on Equity Shares @ 50%	4.939
		Dividend on Preference Shares	3.565
		Tax on Dividend	1.380
		Transfer to General Reserve	20.000
	BALANCE CARRIED TO THE B/S		58.507
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1,734.704
	TOTAL EARNINGS		1,734.704
	IMPORTS
		Components and Spares	NA
		Capital Goods	NA
		Leather	NA
		Embellishment	NA
		Chemicals	NA
		Packing Material	NA
	TOTAL IMPORTS		NA
	Earnings Per Share (Rs.)		25.43

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.92	15.63	1.42
Net Profit Margin (PBT/Sales)	(%)	2.46	24.33	2.23
Return on Total Assets (PBT/Total Assets}	(%)	3.65	30.65	3.18
Return on Investment (ROI) (PBT/Networth)		0.09	0.73	0.08
Debt Equity Ratio (Total Debt/Networth)		0.68	0.64	1.01
Current Ratio (Current Asset/Current Liability)		1.55	1.57	4.11

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

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)
Total Income	2,021.135	3,070.969	3,135.382
		51.943	2.097

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	2,021.135	3,070.969	3,135.382
Profit	28.686	480.084	60.298
	1.42%	15.63%	1.92%

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	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	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	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90297234	31/07/2007 *	240,000,000.00	Citibank N.A.	NO.2, CLUB HOUSE ROAD, ANNASALAI, CHENNAI - 600002, TAMIL NADU, INDIA	A23306376
2	90290335	12/12/2012 *	690,400,000.00	State Bank of India	COMMERCIAL BRANCH, 232, N.S.C. BOSE ROAD, CHENNAI - 600001, TAMIL NADU, INDIA	B64069412
3	90297155	02/08/2004 *	70,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 232; N.S.C. BOSE ROAD, CHENNAI - 600001, TAMIL NADU, INDIA	-
4	90297645	02/01/1995	5,000,000.00	INDIAN BANK	PARK TOWR BRANCH, MADRAS - 600003, TAMIL NADU, INDIA	-
5	90296228	08/04/1996 *	25,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, N.S.C. BOSE ROAD, MADRAS - 600001, TAMIL NADU, INDIA	-
6	90296896	05/06/1998 *	25,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, N.S.C. BOSE ROAD, MADRAS - 600001, TAMIL NADU, INDIA	-
7	90297608	19/04/1996 *	25,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, N.S.C. BOSE ROAD, MADRAS - 600001, TAMIL NADU, INDIA	-
8	90295950	22/07/2008 *	305,000,000.00	INDIAN BANK	PARK TOWN BRANCH, 53, RAJA MUTHIAH ROAD, CHENNAI, TAMIL NADU - 600003, INDIA	A43164417

* Date of charge modification

FIXED ASSETS

· Building

· Plant and Machinery

· Furniture and Fixtures

· Electrical Installation

· Office Equipment

· 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 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.59.06
UK Pound	1	Rs.99.61
Euro	1	Rs.80.60

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	VNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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		53

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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