MIRA INFORM REPORT

Report Date :

28.11.2014

IDENTIFICATION DETAILS

Name :	LIBERTY SHOES LIMITED
Registered Office :	Liberty Puram 13^th Milestone, GT Karnal Road Kutail PO Bastara Karanal – 132114, Haryana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.09.1986
Com. Reg. No.:	05-033185
Capital Investment / Paid-up Capital :	Rs. 170.400 Millions
CIN No.: [Company Identification No.]	L19201HR1986PLC033185
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	RTKL00664G
PAN No.: [Permanent Account No.]	AAACL3146K
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and selling of leather and non-leather shoes, leather shoe uppers and leather garments.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 3900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects strong market position of LSL in domestic footwear industry supported by established brand image, strong distribution network, diversified product portfolio and comfortable financial base of the company. Trade relations are reported as fair. Business is active. Payment are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

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	CARE
Rating	Long term bank facilities = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	September 30, 2014.

Rating Agency Name	CARE
Rating	Short term bank facilities = A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	September 30, 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 (Tel No.:91-1748-251101)

LOCATIONS

Registered Office :	Liberty Puram 13^th Milestone, GT Karnal Road Kutail PO Bastara Karanal – 132114, Haryana, India
Tel. No.:	91-1748-251101/ 03
Fax No.:	91-1748-251100
E-Mail :	lpm@libertyshoes.com
Corporate Office :	Tower-B-Building No.8, 2^nd Floor DLF Cyber City, Phase II, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-4616200
Fax No.:	91-124-4616222
E-Mail :	mail@libertyshoes.com

DIRECTORS

As On 31.03.2013

Name :

Adesh Kumar Gupta

Designation :

Director

Date of Birth/Age :

27.06.1960

Qualification :

B.Sc. Engineering (Mechanical) With Hons.

Date of Appointment :

01.04.2010

DIN No.:

00143192

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	L19201HR1986PLC033185	LIBERTY SHOES LIMITED	Whole-time director	01/04/2010	16/07/2001	-	Active	NO
2	U65992DL2003PTC118855	GEOFIN INVESTMENTS PRIVATE LIMITED	Director	07/02/2003	07/02/2003	-	Active	NO
3	U24119HR2004PLC035375	LIBERTY ORGANOSYS LIMITED	Director	30/04/2004	30/04/2004	-	Active	NO
4	U34300DL2005PTC136515	LIBERTY AUTOMOTIVE PRIVATE LIMITED	Director	20/05/2005	20/05/2005	-	Active	NO
5	U45400DL2005PTC142574	SUNFEST INFRATECH & POWER PRIVATE LIMITED	Director	28/09/2007	01/09/2007	-	Active	NO
6	U64203HR2010PTC041256	SUNFEST RUNCOM TECHNOLOGIES PRIVATE LIMITED	Director	22/09/2010	22/09/2010	-	Active	NO

Name :

Adarsh Gupta

Designation :

Director

Date of Appointment :

01.04.2010

DIN No.:

00161193

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	L19201HR1986PLC033185	LIBERTY SHOES LIMITED	Whole-time director	01/04/2010	01/06/2000	-	Active	NO
2	U25209DL2002PTC113830	INSPIRATION IDEA INNOVATIONS AND PRODUCTIONS PRIVATE LIMITED	Director	15/01/2002	15/01/2002	-	Active	NO
3	U26914RJ2003PLC018046	BEACH WHITEWARE LIMITED	Managing director	01/02/2007	20/01/2003	06/06/2012	Active	NO
4	U51909DL2004PLC124259	LIBERTY RETAIL REVOLUTIONS LIMITED	Director	22/01/2004	22/01/2004	-	Amalgamated	NO
5	U24119HR2004PLC035375	LIBERTY ORGANOSYS LIMITED	Director	30/04/2004	30/04/2004	25/11/2013	Active	NO
6	U26914DL2002NPL115694	INDIAN COUNCIL OF SANITARYWARE MANUFACTURES	Director	20/12/2004	20/12/2004	14/11/2011	Active	NO
7	U34300DL2005PTC136515	LIBERTY AUTOMOTIVE PRIVATE LIMITED	Director	20/05/2005	20/05/2005	25/11/2013	Active	NO

Name :

Shammi Bansal

Designation :

Director

Date of Appointment :

01.04.2010

DIN No.:

00138792

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	L19201HR1986PLC033185	LIBERTY SHOES LIMITED	Whole-time director	01/04/2010	01/06/2000	-	Active	NO
2	U45201HR2005PTC035619	LITTLE WORLD CONSTRUCTIONS PRIVATE LIMITED	Director	08/02/2005	08/02/2005	-	Active	NO
3	U74900DL2008PTC177757	AGISSANT ENTERPRISES PRIVATE LIMITED	Director	20/06/2013	20/06/2013	16/10/2013	Active	NO

Name :

Sunil Bansal

Designation :

Director

Date of Appointment :

01.01.2014

DIN No.:

00142121

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	L19201HR1986PLC033185	LIBERTY SHOES LIMITED	Whole-time director	01/01/2014	28/09/1990	-	Active	NO
2	U51909DL2004PLC124259	LIBERTY RETAIL REVOLUTIONS LIMITED	Director	01/01/2009	22/01/2004	-	Amalgamated	NO
3	U45400DL2007PTC170813	Aditya Moda Realtech Private Limited	Director	27/11/2007	27/11/2007	18/01/2011	Active	NO
4	U45201HR2005PTC035619	LITTLE WORLD CONSTRUCTIONS PRIVATE LIMITED	Director	30/09/2009	25/07/2009	-	Active	NO

Name :

Adeesh Kumar Goel

Designation :

Director

Date of Appointment :

24.09.2010

DIN No.:

00137612

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	U65992DL2003PTC118855	GEOFIN INVESTMENTS PRIVATE LIMITED	Director	07/02/2003	07/02/2003	-	Active	NO
2	U51909DL2004PLC124259	LIBERTY RETAIL REVOLUTIONS LIMITED	Director	24/09/2010	12/08/2010	-	Amalgamated	NO
3	L19201HR1986PLC033185	LIBERTY SHOES LIMITED	Whole-time director	01/10/2011	12/08/2011	-	Active	NO

Name :

Satish Kumar Goel

Designation :

Non – Executive Director

DIN No.:

00143415

Name :

Raghubar Dayal

Designation :

Independent Director

DIN No.:

00481803

Name :

Amitabh Taneja

Designation :

Independent Director

Date of Appointment :

13.12.2004

DIN No.:

00031257

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	U22122DL2003PTC120097	IMAGES MULTIMEDIA PRIVATE LIMITED	Managing director	07/08/2008	29/04/2003	-	Active	NO
2	U51909DL2004PLC124259	LIBERTY RETAIL REVOLUTIONS LIMITED	Director	13/12/2004	13/12/2004	-	Amalgamated	NO
3	L18101MH1997PLC111924	PROVOGUE (INDIA) LIMITED	Director	13/12/2004	13/12/2004	26/05/2014	Active	NO
4	U74140DL2004PTC131306	Pearl Retail Solutions Private Limited	Director	16/12/2004	16/12/2004	17/11/2008	Active	NO
5	U52599DL2006PTC150677	RIVER WATER RETAIL MANAGEMENT AND DESIGN PRIVATE LIMITED	Director	04/08/2009	08/07/2006	-	Active	NO
6	U92142DL2006PTC152281	IM Entertainment Private Limited	Director	21/08/2006	21/08/2006	-	Active	NO
7	L19201HR1986PLC033185	LIBERTY SHOES LIMITED	Director	20/09/2006	20/09/2006	-	Active	NO
8	U18101MH1994PLC082837	GINI & JONY LIMITED	Director	01/08/2007	27/12/2006	25/10/2011	Active	NO
9	U93030DL2007PTC165991	Images Retail Intelligence Services Private Limited	Director	18/07/2007	18/07/2007	26/07/2012	Active	NO
10	U80301DL2008PTC177476	IMAGES KNOWLEDGE HOUSE PRIVATE LIMITED	Director	30/04/2008	30/04/2008	26/07/2012	Active	NO
11	U22300DL2008PTC177729	IMAGES CONSUMER MEDIA PRIVATE LIMITED	Director	06/05/2008	06/05/2008	-	Active	NO
12	U93000DL2008NPL178695	SHOPPING CENTRES ASSOCIATION OF INDIA	Director	28/05/2008	28/05/2008	-	Active	NO
13	U72400DL2009PTC186578	IMAGES ACCESS MULTIMEDIA PRIVATE LIMITED	Director	12/01/2009	12/01/2009	26/07/2012	Active	NO
14	U52190MH2004PTC149468	PROZONE ENTERPRISES PRIVATE LIMITED	Director	16/09/2009	10/03/2009	-	Amalgamated	NO
15	U74999DL2011PTC219145	I & R FASHION FACTORY PRIVATE LIMITED	Additional director	04/06/2011	04/06/2011	04/04/2012	Active	NO
16	U74999DL2012PTC235435	PINK DIGITAL PRIVATE LIMITED	Director	08/05/2012	08/05/2012	-	Active	NO

Name :

Vivek Bansal

Designation :

Independent Director

Date of Appointment :

20.09.2006

DIN No.:

00939232

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	U72200DL2005PTC140189	FRONTEND SOFTWARE PRIVATE LIMITED	Director	30/08/2005	30/08/2005	-	Strike off	NO
2	L19201HR1986PLC033185	LIBERTY SHOES LIMITED	Director	20/09/2006	20/09/2006	-	Active	NO
3	U74140DL2007PTC159049	Plus Capital Advisors Private Limited	Director	09/02/2007	09/02/2007	31/12/2013	Active	NO
4	U74999DL2007PTC160251	Plus Realty Ventures Private Limited	Director	07/03/2007	07/03/2007	-	Strike off	NO

Name :

Ramesh Chandra Palhan

Designation :

Independent Director

DIN No.:

05241019

Name :

Pushpinder Singh Grewal

Designation :

Independent Director

DIN No.:

06364475

KEY EXECUTIVES

Name :	Munish Kakra
Designation :	Chief Financial Officer and Company Secretary

SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	No. of Shares	% of holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	6589990	38.67
Bodies Corporate	4472517	26.25
Sub Total	11062507	64.92
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	11062507	64.92
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	11238	0.07
Sub Total	11238	0.07
(2) Non-Institutions
Bodies Corporate	951146	5.58
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	2126107	12.48
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	975287	5.72
Any Others (Specify)	1913715	11.23
Directors & their Relatives & Friends	600	0.00
Non Resident Indians	49940	0.29
Hindu Undivided Families	1779525	10.44
Clearing Members	83650	0.49
Sub Total	5966255	35.01
Total Public shareholding (B)	5977493	35.08
Total (A)+(B)	17040000	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)	17040000	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and selling of leather and non-leather shoes, leather shoe uppers and leather garments.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

· Allahabad Bank

· Corporation Bank

· HDFC Bank Limited

· Induslnd Bank Limited

· ING Vysya Bank

· State Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term loan from bank : Rupee Term Loans	117.936	90.537
From Other : Rupee Term Loans	2.956	4.640
SHORT TERM BORROWINGS
Loans repayable on demand	960.972	908.660
Total	1081.8654	1003.837
Note: Short Term Borrowing : Secured against hypothecation of Company’s entire stock of raw materials, stock in process, finished goods in stores, in transit and with shippers at port awaiting shipment for exports, receivables, Cheque, bank drafts and all other current assets and 2^nd paripassu charge on Plant and Machinery.

Financial Institution :	The Hong Kong and Shanghai Banking Corporation Limited
Auditors :
Name :	Pardeep Tayal and Company Chartered Accountants
Address :	Indian Bank Building, G.T. Road, Panipat – 132103, Haryana, India
Memberships :	--
Collaborators :	--
Related Parties :	· Liberty Retail Revolutions Limited · Geotin Investments Private Limited · Little World Constructions Private Limited · Liberty Footwear Company · Sanjeev Bansal Charitable Trust · Liberty Innovative Outfits Limited · Liberty Enterprises

CAPITAL STRUCTURE

As On 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
635,000,00	Equity Capital	Rs. 10/- each	Rs. 635.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
170,400,00	Equity Capital	Rs. 10/- each	Rs. 170.400 Millions

Reconciliation of Number of Shares:

Particulars	31.03.2014	31.03.013
Equity Shares at the beginning of the year	1,70,40,000	1,70,40,00
Add : Shares issued during the year	0.000	0.000
Equity Shares at the end of the year	1,70,40,000	1,70,40,000

Term/ Rights attached to Equity Shares

The company has one class of Equity Shares having a per value of Rs.10/- each. Each shareholder is eligible for one vote per share held in the Company. The dividend proposed by the Board of Directors of the company, if any is subject to approval of the members in the ensuring general meeting, except in the case of interim dividend. In the event of liquidation of the company. Equity Shareholders shall be entitled to receive the remaining assets, after the distribution to preferred shareholders. If any in proportion to their shareholdings.

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

Particulars	31.03.2014		31.03.2013
	No. of Shares	% of Holding	No. of Shares	% of Holding
Geolin Investments Private Limited	44,72,517	26.25	44,72,517	26.25
Sh. Satish Kumar Gupta	8,88,584	5.21	8,88,584	5.21

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	170.400	170.400	170.400
(b) Reserves & Surplus	1205.219	1393.850	1322.121
(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)	1375.619	1564.250	1492.521
(3) Non-Current Liabilities
(a) long-term borrowings	120.892	95.177	61.446
(b) Deferred tax liabilities (Net)	46.301	51.039	50.505
(c) Other long term liabilities	49.346	42.732	41.861
(d) long-term provisions	2.346	0.000	0.000
Total Non-current Liabilities (3)	218.885	188.948	153.812
(4) Current Liabilities
(a) Short term borrowings	978.956	916.888	854.785
(b) Trade payables	822.046	699.917	672.923
(c) Other current liabilities	227.342	163.326	139.097
(d) Short-term provisions	57.832	14.810	19.424
Total Current Liabilities (4)	2086.176	1794.941	1686.229
TOTAL	3680.680	3548.139	3332.562
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	984.810	861.895	861.768
(ii) Intangible Assets	8.759	10.252	7.270
(iii) Capital work-in-progress	0.369	2.302	0.543
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	12.238	260.232	162.155
(c) Deferred tax assets (net)	0.000	0.000	325.778
(d) Long-term Loan and Advances	138.721	195.498	21.597
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1144.897	1330.179	1379.111
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1124.050	906.869	828.332
(c) Trade receivables	1156.586	967.529	877.851
(d) Cash and cash equivalents	71.474	131.643	95.625
(e) Short-term loans and advances	183.673	211.919	151.643
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2535.783	2217.960	1953.451
TOTAL	3680.680	3548.139	3332.562

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4839.006	3362.956	3330.785
		Other Income	3.473	2.351	2.451
		TOTAL (A)	4842.479	3365.307	3333.236
Less	EXPENSES
		Cost of material consumed	2532.093	1782.326	1686.231
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.237	(73.454)	25.731
		Employees benefit expenses	579.818	396.521	367.942
		Other expenses	1312.704	988.466	952.093
		Excise duty	1.773	(4.524)	5.413
		TOTAL (B)	4427.625	3089.335	3037.410
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		414.854	275.972	295.826
Less	FINANCIAL EXPENSES (D)		160.727	123.009	117.260
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		254.127	152.963	178.566
Less/ Add	DEPRECIATION/ AMORTISATION (F)		110.656	80.512	73.891
Less	Exceptional Items		1.972	1.948	32.384
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		141.499	70.503	72.291
Less	TAX (H)		7.554	(1.226)	(3.972)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		133.945	71.729	76.263
	Earnings / (Loss) Per Share (Rs.)		7.86	4.21	4.48

QUARTERLY RESULTS

Particulars	30.06.2014	30.09.2014
	Unaudited	Unaudited
	(1^st Quarter)	(2^nd Quarter)
Net Sales	1019.800	1445.000
Total Expenditure	923.800	1351.900
PBIDT (Excl OI)	96.000	93.200
Other Income	0.800	1.000
Operating Profit	96.900	94.200
Interest	36.600	40.200
Exceptional Items	0.200	(1.300)
PBDT	60.500	52.600
Depreciation	26.700	28.400
Profit Before Tax	33.800	24.300
Tax	0.600	(1.000)
Provisions and contingencies	0.000	0.000
Profit After Tax	33.300	25.300
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	33.300	25.300

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	2.77	2.13	2.29
Operating Profit Margin (PBDIT/Sales)	(%)	8.57	8.21	8.88
Return on Total Assets (PBT/Total Assets}	(%)	3.86	2.15	2.54
Return on Investment (ROI) (PBT/Networth)		0.10	0.05	0.05
Debt Equity Ratio (Total Liability/Networth)		0.80	0.65	0.61
Current Ratio (Current Asset/Current Liability)		1.22	1.24	1.16

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	170.400	170.400	170.400
Reserves & Surplus	1322.121	1393.850	1205.219
Net worth	1492.521	1564.250	1375.619
long-term borrowings	61.446	95.177	120.892
Short term borrowings	854.785	916.888	978.956
Total borrowings	916.231	1012.065	1099.848
Debt/Equity ratio	0.614	0.647	0.800

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	3330.785	3362.956	4839.006
		0.966	43.891

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	3330.785	3362.956	4839.006
Profit	76.263	71.729	133.945
	2.29%	2.13%	2.77%

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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10528344	18/09/2014	700,000,000.00	State Bank of India	COMMERCIAL BRANCH, MARVEL TOWER (OPPOSITE MANAV S EVA SANGH), KARNAL, Haryana - 132001, INDIA	C31728017
2	10506680	19/03/2014	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, Maharashtra - 400013, INDIA	C09700279
3	10505089	06/03/2014	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, Maharashtra - 400013, INDIA	C08350084
4	10455848	19/09/2013	230,000,000.00	ING VYSYA BANK LIMITED	NARIAN MANZI, GROUND FLOOR,SHOP NO. G1 TO G5,, I FLOOR,SHOP NO.1001 TO 1007,BARAKHAMBA ROAD,, NEW DELHI, Delhi - 110001, INDIA	B87743142
5	10402740	31/12/2012	50,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA	B67989723
6	10397468	17/12/2012	50,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B66053398
7	10384404	08/10/2012	375,000,000.00	ALLAHABAD BANK	565, RAILWAY ROAD, NEAR SECTOR 4-7 CROSSING, GURG AON, Haryana - 122002, INDIA	B61325601
8	10271138	31/03/2011 *	80,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B10834596
9	10164721	31/08/2010 *	100,000,000.00	INDUSIND BANK LTD.	DR.GOPALDAS BHAWAN,BARAKHAMBA ROAD, NEW DELHI, NE W DELHI, Delhi - 110001, INDIA	A94343993
10	10167997	21/05/2014 *	300,000,000.00	INDUSIND BANK LTD.	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Mahara shtra - 411001, INDIA	C06935001

* Date of charge modification

Review of the operations of the Company:

Your Directors are always of the view that Indian footwear industry has huge potential due to its intrinsic strengths and this industry would further grow because of change in consumption habits and consumer awareness. In its efforts to exploit the available potential, your Company has been working to improve its presence in the footwear market where it has always been considered as a leader and known for its fashion consciousness. Your Company, during the year under consideration, has achieved Gross Sales of Rs.3527.292 Millions (Previous year Rs.3462.282 Millions) and Net Sales of Rs.3375.228 Millions (Previous year Rs.3322.852 Millions). During the year, under review the domestic sales performance has improved as against the previous year but on the exports side the sales have declined due to global economic slowdown.

Your Company, during the year under review, registered a profit after tax of Rs.71.729 Millions as against Rs.76.264 Millions in the corresponding previous year. The rising input cost has been the concern area for which the Company is taking effective steps to control and to suitably pass it on to the consumers. The expansion of I reach, frequent fashionable launch to attract customers and selective outsourcing of footwear with quality compliance are the few steps the Company has implemented to improve the overall efficiency of the Company.

Your Directors, in view of the benefits available to the Company and after obtaining the requisite approval from the Central Government in terms of applicable provisions of the Companies Act, 1956, have authorized and approved the agreement(s) entered in to by the Company with (i) Liberty Group Marketing Division (LGMD) for use of services of Fixed Assets for manufacturing at Karnal (Haryana), registered Trademarks and Domestic Sales Network for sale of footwear for a period of 2 (two) years (ii) Liberty Enterprises (LE) for use of footwear manufacturing facilities at Karnal and export sales network for a period of 2 (two) years and (iii) Liberty Footwear Co. (LFC) for use of trademark "LIBERTY" and other marks on exclusive basis for a period of 15 (Fifteen) years, against payment of minimum guaranteed obligation. Your Company, in future, has plans to restructure these arrangements with emphasis to unlock shareholders value, the details of which shall be placed before the members appropriately.

Your Company, during the year under review, registered consolidated turnover of Rs.3780.665 Millions as compared to Rs.3703.359 Millions in the previous year. The net profits on consolidated basis are Rs.53.878 Millions as compared to Rs. 43.840 Millions in the previous year.

Your Directors are constantly making their efforts to improve the working of the Company with optimal utilization of available resources and have also intended to further consolidate the business including amalgamation of its retail subsidiary with the Company.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans and Advance from related parties : Short term loans From others	17.984 0.000	8.228 0.000
Total	17.984	8.228

FIXED ASSETS

· Land

· Buildings

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· Office 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 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 o 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. 61.97
UK Pound	1	Rs. 97.36
Euro	1	Rs. 77.16

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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.