MIRA INFORM REPORT

Report Date :

18.11.2014

IDENTIFICATION DETAILS

Name :	SUPERHOUSE LIMITED
Registered Office :	150 Feet Road, Jajmau, Kanpur – 208010, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.01.1980
Com. Reg. No.:	20-004910
Capital Investment / Paid-up Capital :	Rs. 114.198 Millions
CIN No.: [Company Identification No.]	L24231UP1980PLC004910
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	KNPS01554A
PAN No.: [Permanent Account No.]	AABCS9328K
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Finished Leather, Leather Products (including footwear, accessories etc.) and Textile Garments.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 5600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relations reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. 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 – 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based Facilities = A
Rating Explanation	Adequate degree of safety and low credit risk
Date	July 2014

Rating Agency Name	ICRA
Rating	Non-Fund based facilities = A1
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	July 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 31-03-2014.

INFORMATION DENIED

Management Non-co-operative (91-512-2351120 / 2351867)

LOCATIONS

Registered Office :	150 Feet Road, Jajmau, Kanpur – 208 010, Uttar Pradesh, India
Tel. No.:	91-512-2351120/ 2351867/ 2450391/ 2450373/ 2450396/ 2450398/ 2463373/ 2461391/ 2464398
Fax No.:	91-512-2450814/ 2820325/ 2451124/ 2460814/ 2460296/ 2462124
E-Mail :	share@superhousegroup.com superhou@lw1.vsnl.net.in super@sancharnet.in dkdheer@superhousegroup.com
Website :	http://www.supergroup.com http://www.superhousegroup.com http://www.superhouse.in
Corporate Office/ Central Purchase Department :	D-15/B, UPSIDC, Industrial Area, Phase-II Unnao – 209 801, Uttar Pradesh, India
Tel. No.:	91-515-2029452/ 2829923/ 2829657/ 2829037
Fax No.:	91-515-2929325/ 2829190
Corporate Affairs/ Human Resources Issues Department :	15/288 D, Civil Lines, Kanpur, Uttar Pradesh, India
Tel. No.:	91-512-2304122, 2304251, 3290202
Fax No.:	91-512-2306679
E-Mail :	akagarwal@superhousegroup.com hrd@superhousegroup.com
Plants :	Fashion Shoe Division I D-15, UPSIDC Industrial Area, Site-II, Unnao - 209 801, Uttar Pradesh, India Fashion Shoe Division II A-5,UPSIDC Industrial Area, Site-B, Sikandra, Agra – 282 007, Uttar Pradesh, India Fashion Shoe Division III A-3, Export Promotion Industrial Park, Shastripuram, Agra – 282 007, Uttar Pradesh, India Fashion Shoe Division IV D-18, UPSIDC Industrial Area, Site-II, Unnao – 209 801, Uttar Pradesh, India Tannery I A-1, Site-II, Industrial Area, Unnao – 209 801, Uttar Pradesh, India Tannery II B-16, UPSIDC Industrial Area, Site-II, Unnao - 209 801, Uttar Pradesh, India Upper Division 71-A, Jajmau, Kanpur – 208 010, Uttar Pradesh, India Safety Footwear Division I B-6, UPSIDC Industrial Area, Site-I, Unnao - 209 801, Uttar Pradesh, India Safety Footwear Division II Banthar, Unnao – 209 801, Uttar Pradesh, India Readymade Garments Division I A-14, Sector-65, Phase-III, Noida – 201 303, Uttar Pradesh, India Readymade Garments Division II C-10, Sector-58, Phase-II, Noida – 201 303, Uttar Pradesh, India Readymade Garments Division III A-61/2, UPSIDC Industrial Area, Sikandrabad, Bulandshahr – 203 205, Uttar Pradesh, India Safety Garments Division E-23, 24 UPSIDC Industrial Area, Site-I, Unnao – 209 801, Uttar Pradesh, India Leather Garments and Bags Division A-69, Sector-57, Noida - 201 301, Uttar Pradesh, India
Division Office :	Upper Division 102/88 - A (10) Wazidpur, 150 Feet Road, Jajmau, Kanpur – 208 010, Uttar Pradesh, India Tel: 91-515 - 2460496, 2463373, 2461391 Fax: 91-515 - 2460814, 2462124 Chrome Tannery Division A-1 C-1 Industrial Area, Site-II, Unnao – 209 801, Uttar Pradesh, India Tel: 91-515 - 2829750, 2829850 Fax: 91-515 - 2829325, 2829190 Goat Tannery B-15,16 and 17, Industrial Area, Site, Unnao – 209 801, Uttar Pradesh, India Tel: 91-515-2829845, 2829812, 2829248 Fax: 91-515-2829658, 2829190 Harness and Sole Tannery B-16 and 17, Site II Industrial Area, Unnao – 209 801, Uttar Pradesh, India Tel.:  91-515-282845, 2829812, 2829248, 2829658 Fax.: 91-515-2829190 Shoe Division D-15/B, UPSIDC, Industrial Area, Phase-II, Unnao – 209 801, Uttar Pradesh, India Tel: 91-51 -2829452, 2829923, 2829657, 2829037 Fax: 91-515-2829325, 2829190 Safety Footwear Division B-6, Site-I UPSIDC, Industrial Area, Unnao – 209 801, Uttar Pradesh, India Tel: 91-515 - 2829656, 2829384, 2829675, 2829803 Fax: 91-515 - 2829325, 2829190 Fashion Shoe Division I Plot No.A-3, A-4, B-4, B-5, B-6, Export Promotion Industrial Park (EPIP), Shastri Puram, Agra, Uttar Pradesh, India Tel: 91-562-26423352, 2640183, 2642336 Fax: 91-562-2640184 Fashion Shoe Division II A-5, UPSIDC, Industrial Rea, Site-B, Sikandra, Agra Shastri Puram, Agra, Uttar Pradesh, India Tel: 91-562-2642336 Leather Garments Division B-37, Sector - 59, Phase-II, Noida, Uttar Pradesh, India Tel: 91-120-2584819, 2585819 Fax: 91-120-2584976 Textile Garments Division C-10, Sector-58, Phase-II, Noida, Uttar Pradesh, India Tel: 91-120-2580095,2490630 Fax: 91-120-2580095 Marketing Office, Bangalore Marketing Office, Noida C-10, Sector-58, Phase-II, Noida, Uttar Pradesh, India Tel: 91-120-2580095, 2490630 Fax: 91-120-2580095 Marketing Office, Chennai 42/1/II, Main Road, Kalaimagal Nagar, Ekkathuthqngal, Chennai – 600 097, Tamilnadu, India Tele-fax: 91-44-22253731 Super Footwear Limited Shed No.1, Leather Complex, Site-II, Industrial Area, Unnao – 209 801, Uttar Pradesh, India Fax: 91-515-2829325, 2829190 Superhouse Shoes Limited E-54, UPSIDC, Industrial Area, Phase-II, Unnao, Uttar Pradesh, India Tel: 91-515-2829289 Amin International Limited E-55, UPSIDC, Industrial Area, Phase-II, Unnao, Uttar Pradesh, India Tel: 91-515-2829704
Overseas Office :	Located at: · UK · USA · UAE · Denmark · China

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Mukhtarul Amin
Designation :	Chairman and Managing Director
Address :	15/288, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India
Date of Birth :	17.02.1952
Qualification :	B.Sc.
Date of Appointment :	01.03.2012
DIN No.:	00012108
Name :	Mr. Zafarul Amin
Designation :	Joint Managing Director
Address :	15/288, Civil Lines, Kapur – 208 001, Uttar Pradesh, India
Date of Birth :	27.01.1983
Date of Appointment :	01.04.2012
DIN No.:	00015533
Name :	Mrs. Shahina Mukhtar
Designation :	Whole-time Director
Address :	15/288, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India
Date of Birth :	05.01.1956
Date of Appointment :	01.04.2012
DIN No.:	00015442
Name :	Mr. Vinay Sanan
Designation :	Executive Director
Address :	801, Gokul Apartment, 16/16 civil Lines, Kanpur – 208 001, Uttar Pradesh, India
Date of Birth :	12.10.1956
Date of Appointment :	01.08.2011
DIN No.:	00014536
Name :	Mr. Anil Kumar Agarwal
Designation :	Director Finance
Address :	249/2, Civil Lines, Kanpur, – 208 001, Uttar Pradesh, India
Date of Birth :	05.12.1954
Date of Appointment :	01.04.2012
DIN No.:	00014645
Name :	Mr. Mohammad Shadab
Designation :	Whole-time Director
Address :	13/392-A-1, Civil Lines, Kapur – 208 001, Uttar Pradesh, India
Date of Birth :	16.01.1977
Date of Appointment :	01.04.2012
DIN No.:	00098221
Name :	Mr. Nemi Chand Jain
Designation :	Independent Director
Address :	601, Sanskruti, Plot No.2, Sector – 42, Nerul, Navi Mumbai – 400 706, Maharashtra, India
Date of Birth :	16.05.1939
Date of Appointment :	05.09.2005
DIN No.:	00031283
Name :	Dr. Krishna Kumar Agarwal
Designation :	Independent Director
Address :	IV-23, Laxmi Bagh Colony, Lawab Ganj, Kanpur – 208 002, Uttar Pradesh, India
Date of Birth :	31.01.1953
Date of Appointment :	06.03.2004
DIN No.:	00022719
Name :	Mr. Anil Soni
Designation :	Independent Director
Address :	120/243, Lajpat Nagar, Kapur – 208 012, Uttar Pradesh, India
Date of Birth :	22.08.1961
Date of Appointment :	06.03.2004
DIN No.:	00023188
Name :	Dr. Krishna Kumar Agarwal
Designation :	Independent Director
Address :	IV-23, Laxmi Bagh Colony, Lawab Ganj, Kanpur – 208 002, Uttar Pradesh, India
Date of Birth :	31.01.1953
Date of Appointment :	06.03.2004
DIN No.:	00022719
Name :	Mr. Dilip Kumar Dheer
Designation :	Independent Director
Address :	120/233, Lajpat Nagar, Kanpur – 208 005, Uttar Pradesh, India
Date of Birth :	01.03.1950
Date of Appointment :	13.11.2010
DIN No.:	03341879
Name :	Mr. Syed Javed Ali Hashmi
Designation :	Independent Director
Address :	89/218-C, Flat No.101, Dalal Purwa, Kanpur – 208 001, Uttar Pradesh, India
Date of Birth :	29.05.1973
Date of Appointment :	30.01.2010
DIN No.:	00014726

KEY EXECUTIVES

Name :	Mr. Raj Kumar Agrawal
Designation :	Company Secretary
Address :	133/92-0-Block, Kidwai Nagar, Kanpur – 208 023, Uttar Pradesh, India
Date of Birth :	01.04.1959
Date of Appointment :	07.06.2007
PAN No.:	AEIPA3874Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2369508	21.49
Bodies Corporate	3681366	33.39
Sub Total	6050874	54.88
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	6050874	54.88
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3587	0.03
Financial Institutions / Banks	3525	0.03
Sub Total	7112	0.06
(2) Non-Institutions
Bodies Corporate	584852	5.30
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	3588302	32.55
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	562714	5.10
Any Others (Specify)	231146	2.10
Non Resident Indians	111665	1.01
Hindu Undivided Families	51507	0.47
Clearing Members	67299	0.61
Clearing Member/Public Trust	675	0.01
Sub Total	4967014	45.05
Total Public shareholding (B)	4974126	45.12
Total (A)+(B)	11025000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	11025000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Finished Leather, Leather Products (including footwear, accessories etc.) and Textile Garments.

Products :

Item Code No.	Product Description
4104 and 4106 and 4107	Finished Leather
640610	Shoe Uppers
6403	Footwear

· Accessories

· Leather Garments

· Rugs and Chaps

· Textile Garments

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Banker Name :	Punjab National Bank
Branch Address :	Kanpur, Uttar Pradesh, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	Not Divulged

Banker Name :	State Bank of India
Branch Address :	Overseas Branch, 15/54-B, Civil Court Road, Civil Lines, Kanpur, Uttar Pradesh, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans
Indian rupee loan from bank(s)	123.197	55.239
Foreign currency loan from bank(s)	226.843	290.412
Indian rupee vehicle loan from bank(s)	2.493	7.977
SHORT TERM BORROWINGS
Working Capital Loans
Indian rupee loan from bank(s)	1172.943	956.526
Foreign currency loan from bank(s)	48.089	55.004
Total	1573.565	1365.158

Auditors :
Name :	Kapoor Tandon and Company Chartered Accountants
Address :	21, Daya Nand Marg, Above Muthoot Finance, Darya Ganj, Delhi – 110003, India
Tel. No.:	91-512-2361244
Mobile No.:	91-9415048222 / 9935271516 / 9935041434 / 9935030768
Fax No.:	91-512-2361244
E-Mail :	kapoornarendra@rediffmail.com ktc_himanshu@rediffmail.com ktc_rajesh@yahoo.co.in
Subsidiary (Wholly owned) Company:	· Superhouse (U.K.) Limited, UK · Superhouse (USA) International Inc., USA · Superhouse Middle East FZC, Azman · Briggs Industrial Footwear Limited (U.K.) · Linea De Seguridad S.L.U., Spain · Superhouse GMBH, Germany
Associates:	· Unnao Tanneries Pollution Control Company · Steven Construction Limited · Amin International Limited · Knowledgehouse Limited
Others: Enterprise over which KMP or relatives of KMP are able to exercise significance influence:	· M/s Prime International (a partnership firm) · M/s Shoe House (a partnership firm) · Chowdhary Overseas Limited · Super Tannery Limited · Rojus Enterprises Limited · Modriba Hygiene Solutions Limited · Superhouse Accessories Limited · h) Creemos International Ltd. · Rivera Trendz Pvt. Ltd. · j) Super Shoes Ltd. · k) Mayfair Leather Exports Ltd.

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
14972718	Equity Shares	Rs.10/- each	Rs.149.727 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11025000	Equity Shares	Rs.10/- each	Rs.110.250 Millions
	Add: Equity Shares forfeited (Amount originally paid up in respect of 3947718 share)		Rs.3.948 Millions
	Total		Rs. 114.198 Millions

Reconciliation of the shares outstanding at the beginning and at the end of the year:

Equity shares	As at 31st March, 2014
	No. of Shares	Amount (Rs. in millions)
At the beginning of the year	11025000	110.250
Changes during the year	--	--
Outstanding at the end of the year	11025000	110.250

Term/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Bonus Shares/Shares issued for consideration other than cash and Buy Back of shares NIL (NIL) during preceding five years:

Shares held by holding/ultimate holding company and/or their subsidiaries/associates: NIL (NIL)

Details of shareholders holding more than 5% shares in the company

Name of the Share Holder	As at 31st March, 2014
	No. of Shares	% held
Mr. Mukhtarul Amin	1324487	12.01%
Steven Construction Limited	1315119	11.93%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	114.198	114.198	114.198
(b) Reserves & Surplus	1846.352	1547.870	1361.087
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1960.550	1662.068	1475.285
(3) Non-Current Liabilities
(a) long-term borrowings	352.533	353.628	310.412
(b) Deferred tax liabilities (Net)	140.610	129.928	103.065
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	493.143	483.556	413.477
(4) Current Liabilities
(a) Short term borrowings	1221.032	1011.530	789.116
(b) Trade payables	1003.372	947.098	762.976
(c) Other current liabilities	603.667	488.626	481.134
(d) Short-term provisions	76.917	46.469	61.637
Total Current Liabilities (4)	2904.988	2493.723	2094.863
TOTAL	5358.681	4639.347	3983.625
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1594.911	1550.381	1403.758
(ii) Intangible Assets	32.193	54.806	75.240
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	323.073	295.928	193.206
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	70.554	62.678	49.211
(e) Other Non-current assets	16.121	8.864	10.112
Total Non-Current Assets	2036.852	1972.657	1731.527
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1451.704	1319.491	1156.391
(c) Trade receivables	1263.548	870.930	704.586
(d) Cash and cash equivalents	258.058	222.266	224.112
(e) Short-term loans and advances	153.742	129.418	92.972
(f) Other current assets	194.777	124.585	74.037
Total Current Assets	3321.829	2666.690	2252.098
TOTAL	5358.681	4639.347	3983.625

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	6659.870	5173.554	4632.963
	Other Income	57.666	56.321	28.770
	TOTAL (A)	6717.536	5229.875	4661.733
Less	EXPENSES
	Cost of Materials Consumed	3570.568	2907.086	2678.071
	Purchases of Stock-in-Trade	515.294	261.769	215.184
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(64.798)	(23.229)	(102.686)
	Employees benefits expense	355.353	305.642	251.449
	Other expenses	1481.398	1167.510	1066.785
	TOTAL (B)	5857.815	4618.778	4108.803
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	859.721	611.097	552.930
Less	FINANCIAL EXPENSES (D)	233.413	171.946	159.823
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	626.308	439.151	393.107
Less/ Add	DEPRECIATION/ AMORTISATION (F)	130.509	113.327	96.719
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	495.799	325.824	296.388
Less	TAX (I)	171.338	112.456	104.801
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	324.461	213.368	191.587
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	634.196	540.175	467.808
Less	APPROPRIATIONS
	Transfer to General Reserve	100.000	100.000	100.000
	Dividend	16.537	16.537	16.537
	Tax on Dividend	2.810	2.810	2.683
	Total (M)	119.347	119.347	119.220
	Balance Carried to the B/S (J+K+L-M)	839.310	634.196	540.175
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5487.426	4146.497	3774.926
	Dividend from Wholly Owned Subsidiaries	5.429	4.076	0.341
	Insurance	0.000	0.000	0.000
	TOTAL EARNINGS	5492.855	4150.573	3775.267
	IMPORTS
	Raw Materials	491.744	377.561	255.292
	Chemicals, Stores, Components and Stores parts	283.093	193.341	215.270
	Capital Goods	34.658	75.462	46.060
	Finished Goods	31.295	27.593	0.023
	TOTAL IMPORTS	840.790	673.957	516.645
	Earnings / (Loss) Per Share (Rs.)	29.43	19.35	17.38

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	Jun 2014
Audited / UnAudited	UnAudited
Net Sales	1754.600
Total Expenditure	1542.500
PBIDT (Excl Ol)	212.100
Other Income	2.400
Operating Profit	214.500
Interest	52.800
Exceptional items	(0.700)
PBDT	161.000
Depreciation	28.700
Prfit Before tax	132.300
Tax	46.100
Provisions and Contingencies	0.000
Profit After Tax	86.300
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	86.300

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	4.87	4.12	4.14
Operating Profit Margin (PBDIT/Sales)	(%)	12.91	11.81	11.93
Return on Total Assets (PBT/Total Assets}	(%)	9.85	7.50	7.82
Return on Investment (ROI) (PBT/Networth)		0.25	0.20	0.20
Debt Equity Ratio (Total Debt /Networth)		0.80	0.82	0.75
Current Ratio (Current Asset/Current Liability)		1.14	1.07	1.08

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	114.198	114.198	114.198
Reserves & Surplus	1361.087	1547.870	1846.352
Net worth	1475.285	1662.068	1960.550
long-term borrowings	310.412	353.628	352.533
Short term borrowings	789.116	1011.530	1221.032
Total borrowings	1099.528	1365.158	1573.565
Debt/Equity ratio	0.745	0.821	0.803

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4632.963	5173.554	6659.870
		11.668	28.729

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4632.963	5173.554	6659.870
Profit	191.587	213.368	324.461
	4.14%	4.12%	4.87%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL PERFORMANCE:-

The company has achieved the sales and other Income of Rs 6717.500 Millions against Rs. 5229.900 Millions reported last year. The Profit before tax was Rs. 495.800 Millions and profit after tax was Rs. 324.500 Millions during the year as compared to Rs. 325.800 Millions and Rs. 213.400 Millions, respectively, during previous year. Revenue from operations increased by 283.600 to Rs. 6695.400 Millions and export increased by 32.34% to 5487.400 Millions during the year. Earnings per share increased from 19.35 per share during the previous year to Rs. 29.43 per share during the year.

EXPORT AWARDS:-

The company has won the Exporter Awards during the year in overall Export Category for 2012-13. In addition to Export Award in overall category, the company also received the Best Export Award in Non-Leather Harness and Saddlery.

MANAGEMENT DISCUSSION AND ANALYSIS

Macroeconomic Overview.

In the recent past, the Indian economy has overcome varied challenges in its resolve to sustain its economic success. The major challenges included unsupportive external environment, domestic structural constraints, growth slowdown and inflationary pressures.

The policy response of the Government to the present growth slowdown has been in the form of structural reforms aimed at reducing entry-barriers and boosting competition and productivity in various sectors.

These policies have gone hand-in-hand with macroeconomic stabilization that has had to balance the concerns of inflation and growth recovery, while managing a volatile external situation characterized by a sharp depreciation of the Rupee witnessed till the second quarter (Q2) of 2013-14.

India's exports of principal commodities during 2013-14 were valued as INR 18997.30 billion, registering a growth of 16.24% over the level of INR 16343.19 billion in 2012-13. As against overall growth of 16.24% in Export, the growth rate of Leather Industries was 31% during 2013-14

OUTLOOK:-

As a medium to long-run prospects of Indian Economy, including the Industrial Sector, continues to be positive, a rise in saving and demand for consumable products is quite inevitable. The leather industry is basically a consumer product industry, hence with the increase in demand for consumer production; the prospect of the leather industry is bright. During the current year the pace of growth of leather industry is expected to be maintained

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10451879	03/09/2013	1,100,000.00	STATE BANK OF INDIA	KAMLA NAGAR BRANCH, AGRA, Uttar Pradesh - 282004, INDIA	B86094067
2	10382212	30/08/2012	2,075,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B60340346
3	10351690	12/03/2012	1,071,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B38210837
4	10332059	07/12/2011	6,380,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra -400013, INDIA	B30632442
5	10254809	23/11/2010	609,428.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B01296763
6	10254807	23/11/2010	2,175,353.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B01296540
7	90269726	20/06/1995 *	1,500,000.00	PUNJAB NATIONAL BANK CHAKERI KANPUR	KANPUR, KANPUR, Uttar Pradesh, INDIA	-
8	90269572	17/04/2014 *	569,500,000.00	BANK OF BARODA SME-1 BRANCH	117/K/21-B, SARVODAYA NAGAR, KANPUR, Uttar Pradesh - 208001, INDIA	C05671839
9	90269022	02/05/2014 *	1,293,800,000.00	Punjab National Bank	Mall Road, Kanpur, Uttar Pradesh - 208001, INDIA	C04899555
10	90273161	25/01/1995	35,300,000.00	STATE BANK OF INDIA; LAL IMLI	KANPUR, KANPUR, Uttar Pradesh, INDIA	-

* Date of charge modification

AUDITED FINANCIAL RESULT FOR HALF YEAR ENDED 30^TH SEPTEMBER, 2014

Particulars		(Quarter ended)		Half Year Ended
		30.09.2014	30.06.2014	30.09.2014
		(Audited)	(Unaudited)	(Audited)
1	Income from Operations
	(a) Net sates/income from operations (Net of excise duty)	1964.660	1745.329	3709.989
	(b) Other Operating Income	10.383	9.310	19.693
	Total income from operations (net)	1975.043	1754.639	3729.682
2	Expenses
	(a) Cost of materials consumed	1014.382	1084.585	2098.967
	(b) Purchases of stock-in trade	173.299	137.552	310.851
	(c) Changes in inventories of finished goods. work-in-progress and stock in trade	(9.738)	(165.466)	(175.204)
	(d) Employee benefits expense	104.304	96.738	201.042
	(e) Depreciation and Anmortisation Expenses	45.176	28.686	73.862
	(f) Other Expenses	451.191	389.089	840.280
	Total expenses	1778.614	1571.184	3349.798
3	Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	196.429	183.455	379.884
4	Other Income	2.622	2.364	4.986
5	Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	199.051	185.819	384.870
6	Finance Costs	45.543	52.825	98.368
7	Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	153.508	132.994	286.502
8	Exceptional items	2.546	0.658	3.204
9	Profit/ (Loss) from ordinary activities before tax (7-8)	150.962	132.336	283.298
10	Tax expenses	52.797	46.076	98.873
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	98.165	86.260	184.425
12	Extraordinary item (net of tax expense)	--	--	--
13	Net Profit	98.165	86.260	184.425
14	Paid up equity share capital (Face Value of Rs10/-each) (Including Share Forfeited Rs. 39.48 Lacs)	114.198	114.198	114.198
15	Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year
16	Earnings per share (before extraordinary items) of Rs.10/- each (not annualised):
	(a) Basic	8.90	7.82	16.73
	(b) Diluted	8.90	7.82	16.73
17	Earnings per share (after extraordinary items) of Rs.10/- each (not annualised)
	(a) Basic	8.90	7.82	16.73
	(b) Diluted	8.90	7.82	16.73
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of shares	4974126	4974126	4974126
	- Percentage of shareholding	45.12%	45.12%	45.12%
2	Promoters and Promoter group shareholding
	a) Pledged / Encumbered
	- Number of shares	--	--	--
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	--	--	--
	- Percentage of shares (as a % of the total Share Capital of the Company)	--	--	--
	b) Non Encumbered
	- Number of shares	6050874	6050874	6050874
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	100%	100%	100%
	- Percentage of shares (as a % of the total Share Capital of the Company)	54.88%	54.88%	54.88%

Segment wise Revenue Results and Capital Employed under clause 41 of the Listing Agreement

Particulars		Quarter ended)		Half Year Ended
		30.09.2014	30.06.2014	30.09.2014
		(Audited)	(Unaudited)	(Audited)
1	Segment Revenue
	a) Leather and Leather Products	1621.738	1457.663	3079.401
	b) Textile Products	324.401	265.154	600.645
	c) Other	18.521	17.448	29.943
	Sales / Income from Operations	1964.660	1933.750	3709.989
2	Segment Results Profit / (Loss) (before tax, finance cost from each Segment)
	a) Leather and Leather Products	170.001	156.046	326.047
	b) Textile Products	28.096	28.815	56.911
	c) Other	0.954	0.0958	1.912
	Total	199.051	185.819	384.870
	Less:
	i) Finance costs	45.543	52.825	98.368
	ii) Exchange difference on foreign currency loans	2.546	0.658	3.204
	iii) Un-allocable income/Expense	--	--	--
	Total Profit(Loss) before Tax	150.962	132.336	283.298
3	Capital employed (Segment Assets Less Segment Liabilities)
	a) Leather and Leather Products	1830.562	1752.561	1830.562
	b) Textile Products	306.107	280.888	306.107
	c) Other	8.189	7.930	8.189
	Total	2144.858	2041.379	2144.858

Particular	Quarter ended 30^th September, 2014
INVESTOR COMPLAINTS
Pending at the beginning of the quarter	NIL
Received during the quarter	03
Disposed off during the quarter	03
Remaining unresolved at the end of the quarter	NIL

Note:

The above results were reviewed by the Audit Committee and were taken on record by the Board of Directors in their meeting held on 14.11.2014.

The financial results are based on the accounts drawn in accordance with generally accepted accounting practices consistently followed in compliance with the mandatory accounting standards.

The Statutory Auditors have carried out a Limited Review of the above results.

Depreciation has been provided in line with the guidelines given in Schedule-ll of the Companies Act, 2013

The above results are also available on the website of the Company and the Mumbai Stock Exchange ar 'www.superhouse.in" and www bseindra.com" respectively

Figures of the previous year have been regrouped and rearranged wherever necessary.

Disclosure of Balance Sheet ltems as required under Clause 41of the Listing Agreement is as under:

SOURCES OF FUNDS	30.09.2014 (Audited)
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	114.198
(b) Reserves & Surplus	2030.661
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	2144.859
(3) Non-Current Liabilities
(a) long-term borrowings	345.484
(b) Deferred tax liabilities (Net)	135.983
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	481.467
(4) Current Liabilities
(a) Short term borrowings	1256.718
(b) Trade payables	1147.637
(c) Other current liabilities	689.274
(d) Short-term provisions	96.644
Total Current Liabilities (4)	3190.273
TOTAL	5816.599
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1596.361
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	95.266
(iv) Intangible assets under development	0.000
(b) Non-current Investments	339.675
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	117.756
(e) Other Non-current assets	13.609
Total Non-Current Assets	2162.667
(2) Current assets
(a) Current investments	0.000
(b) Inventories	1701.385
(c) Trade receivables	1300.043
(d) Cash and cash equivalents	293.289
(e) Short-term loans and advances	218.848
(f) Other current assets	140.367
Total Current Assets	3653.932
TOTAL	5816.599

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Claim against the company not acknowledged as debt	3.770	4.322
Contingent Liabilities in respect of:
Guarantees issued by the Bank	9.719	11.761
Corporate Guarantee(s) to bank(s) against credit facilities extended to Wholly Owned Subsidiaries in U.K., UAE and Spain	348.384	301.240
Letter of Credit opened and outstanding	324.411	206.672
Duty on Export obligation pending	73.679	97.528
Electricity demand pending litigation	1.584	1.584

FIXED ASSETS

· Land Leasehold

· Land Freehold

· Building – Factory

· Building – Non-Factory

· Plant and Equipments

· Furniture and Fittings

· Vehicles

· Computers

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. 61.80
UK Pound	1	Rs. 96.76
Euro	1	Rs. 77.09

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	TRU

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	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.