MIRA INFORM REPORT

Report No. :	311807
Report Date :	03.04.2015

IDENTIFICATION DETAILS

Name :	NAAZ EXPORTS PRIVATE LIMITED
Registered Office :	14-A, 150 Feet Road, Jajmau, Kanpur -208010 ,Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.04.2001
Com. Reg. No.:	20-025984
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U19201UP2001PTC025984
TAN No.: [Tax Deduction & Collection Account No.]	KNPN01159E
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Exporter of Finished leather, Shoe Upper, Industrial Shoes, Sandals, Equestrian Products.
No. of Employees :	175 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 8000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The rating is constrained on account of deterioration in profitability and sales turnover of the company during FY 2014. The rating also takes note of the unfavorable gap between trade receivables and payables of the company. However, Trade relation are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 PARTED BY

Name :	Mr. Zafar Iqbal
Designation :	Director
Contact No.:	91-9839089055
Date :	19.03.2015

LOCATIONS

Registered Office :	14-A, 150 Feet Road, Jajmau, Kanpur – 208010, Uttar Pradesh, India
Tel. No.:	91-512-2462330 / 2462332 / 2362379 (R) / 2373015
Mobile No.:	91-9839089055 (Mr. Zafar Iqbal)
Fax No.:	91-512-2465546 / 2333214
E-Mail :	naazleather@sancharnet.in skshukla@rediffmail.com dcsc86@yahoo.in dcshukla@hotmail.com naazexportinc@gmail.com
Website :	http://www.naazgroup.com http://www.naazexports.com
Area :	6000 Sq. Ft.
Location :	Owned
Factory :	New Industrial Area, Kanpur, Uttar Pradesh, India
Area :	14000 Sq. Ft.
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Javed Iqbal

Designation :

Director

Address :

14-A, 150 Feet Road, Jajmau, Kanpur – 208010, Uttar Pradesh, India

Date of Birth/Age :

06.04.1964

Date of Appointment :

12.04.2001

DIN No.:

01335862

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	U19201UP2001PTC025984	NAAZ EXPORTS PRIVATE LIMITED	Managing director	12/04/2001	12/04/2001	-	Active	NO
2	U93090TN1984NPL010934	COUNCIL FOR LEATHER EXPORTS	Additional director	18/12/2010	18/12/2010	-	Active	NO
3	U90001UP2012NPL050422	JAJMAU TANNERIES ENVIRONMENTAL PROTECTION ASSOCIATION	Director	10/05/2012	10/05/2012	-	Active	NO
4	U93030UP2012PLC052414	LEATHER CLUSTER DEVELOPMENT LIMITED	Director	07/09/2012	07/09/2012	-	Active	NO

Name :

Mr. Iqbal Hussain

Designation :

Director

Address :

14-A, 150 Feet Road, Jajmau, Kanpur – 208010, Uttar Pradesh, India

Date of Birth/Age :

29.03.1934

Qualification :

Graduate

Date of Appointment :

12.04.2001

DIN No.:

00259300

Name :

Raees Iqbal

Designation :

Director

Address :

14-A, 150 Feet Road, Jajmau, Kanpur – 208010, Uttar Pradesh, India

Date of Birth/Age :

26.01.1973

Date of Appointment :

12.04.2001

DIN No.:

01557357

Name :

Mr. Zafar Iqbal

Designation :

Director

Address :

14-A, 150 Feet Road, Jajmau, Kanpur – 208010, Uttar Pradesh, India

Date of Birth/Age :

10.12.1971

Qualification :

Post – Graduate

Date of Appointment :

12.04.2001

DIN No.:

00259288

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Javed Iqbal	2500	25.00
Iqbal Hussain	2500	25.00
Raees Iqbal	2500	25.00
Zafar Iqbal	2500	25.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Exporter of Finished leather, Shoe Upper, Industrial Shoes, Sandals, Equestrian Products.
Products :	Finished leather Shoe Upper Industrial Shoes Sandals Equestrian Products. Leather Sandals Lightweight Safety Shoes Finished Leather for Safety Shoes etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished leather Shoe Upper Industrial Shoes Sandals Equestrian Products. Leather Sandals Lightweight Safety Shoes Finished Leather for Safety Shoes etc.
Countries :	Europe South North America
Imports :
Products :	Chemicals Shoes Material
Countries :	China Argentina
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

• Pezzol S.R.L., Italy
• Bee Fly Shoes Frances

No. of Employees :

175 (Approximately)

Bankers :

• ICICI Bank, Malroad Branch
• State Bank of Saurashtra

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand SBBJ	4.026	0.828
Total	4.026	0.828

Auditors :
Name :	Mr. D.C. Shukla and Company Chartered Accountants
Address :	24/56, Birhana Road, Kanpur – 208001, Uttar Pradesh- UP, India
Tel. No.:	91-512-2373015
Fax No.:	91-512-2373015
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD7285J
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Jamia International

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	0.100	0.100	0.100
(b) Reserves & Surplus	2.946	2.684	2.378
(c) Money received against share warrants	0.000	0.000	0.000
	0.000	0.000	0.000
(2) Share Application money pending allotment
Total Shareholders’ Funds (1) + (2)	3.046	2.784	2.478
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	5.314	2.194	2.608
(b) Trade payables	34.052	43.945	45.583
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	3.046	4.992	1.256
Total Current Liabilities (4)	42.412	51.131	49.447
TOTAL	45.458	53.915	51.925
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.220	5.025	4.767
(ii) Intangible Assets	0.000	0.000	0.000
(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	1.600	1.600	0.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6.820	6.625	5.267
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.677	2.841	1.145
(c) Trade receivables	10.920	11.393	19.556
(d) Cash and cash equivalents	2.686	0.128	0.510
(e) Short-term loans and advances	18.178	29.907	23.036
(f) Other current assets	4.177	3.021	2.338
Total Current Assets	38.638	47.290	46.585
TOTAL	45.458	53.915	51.852

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	Income
	Other Income
	TOTAL	49.352	52.256	68.152
Less	EXPENSES	48.095	51.033	67.042
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION)	1.257	1.223	1.110
Less/ Add	DEPRECIATION/ AMORTISATION	0.871	0.736	0.765
	PROFIT/ (LOSS) BEFORE TAX (E-F)	0.386	0.487	0.345
Less	TAX	0.124	0.130	0.110
	PROFIT/ (LOSS) AFTER TAX	0.262	0.357	0.235
	Earnings / (Loss) Per Share (Rs.)	26.20	35.70	23.50

Expected Sales (2014-2015): Rs.530.000 Million

The above information has been parted by Mr. Zafar Iqbal (Director).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	0.88	0.93	0.67
Return on Investment (ROI) (PBT/Networth)		0.13	0.17	0.14
Debt Equity Ratio (Total Debt /Networth)		1.74	0.79	1.05
Current Ratio (Current Asset/Current Liability)		0.91	0.92	0.94

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	2.378	2.684	2.946
Net worth	2.478	2.784	3.046
long-term borrowings	0.000	0.000	0.000
Short term borrowings	2.608	2.194	5.314
Total borrowings	2.608	2.194	5.314
Debt/Equity ratio	1.052	0.788	1.745

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	68.152	52.256	49.352
		(23.324)	(5.557)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	68.152	52.256	49.352
Profit	0.235	0.357	0.262
	0.34%	0.68%	0.53%

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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans From Directors
Iqbal Hussain	0.165	0.157
Javed Iqbal	0.233	0.416
Rais Iqbal	0.309	0.411
Jagar Iqbal	0.416	0.382
Jamique International	0.165
Total	1.288	1.366

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90277762	16/09/2004	1,000,000.00	STATE BANK OF BINDKI	JAIPURI, KANPUR, Uttar Pradesh, INDIA	-

FIXED ASSETS

• Building
• Machinery
• Generator
• Digital Camera
• Mobile Phone
• Car
• Furniture and Fixtures
• Computer
• Xerox Machine
• Air Conditioner
• Dies and Tools
• Plant and Machinery

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	RKA
Analysis Done by :	SUM
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.