MIRA INFORM REPORT

Report No. :	314041
Report Date :	26.03.2015

IDENTIFICATION DETAILS

Name :	A S SHOE ACCESSORIES PRIVATE LIMITED
Registered Office :	15, Sayed Nangloi Guruware Wali Gali, Delhi – 110041
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.11.1989
Com. Reg. No.:	55-038495
Capital Investment / Paid-up Capital :	Rs.19.949 Millions
CIN No.: [Company Identification No.]	U74899DL1989PTC038495
TAN No.: [Tax Deduction & Collection Account No.]	DELA03046B
PAN No.: [Permanent Account No.]	AAACA1164E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Pigment Lacquers, Release Agents for PU Soles, Shoe Finishing Chemical and Chemical for Leather Industries.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 204000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing at usual trade terms and condition.

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

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. Rakesh Kumar Rastogi
Designation :	Director
Contact No.:	91-9810354378
Date :	23.03.2015

LOCATIONS

Registered Office :	15 Sayed Nangloi Guruware Wali Gali, Delhi – 110041
Tel. No.:	91-11-41539111
Mobile No.:	91-9810354378 (Mr. Rakesh Kumar Rastogi) 91-9215353380 (Mr. Anup Das)
Fax No.:	91-11-25744591
E-Mail :	rkr@assaindia.com bose.assa@gmail.com ashish@assaindia.com assa.barthi@gmail.com anup@assaindia.com
Website :	http://www.assaindia.com
Area :	35,000 Sq. ft.
Location :	Owned
Factory 1 :	Plot No .421, HSIIDC Industrial Area, Barhi, Sonipat – 131101, Haryana, India
Tel. No. :	91-0130-6991305/ 6991307
Factory 2 :	Located at · Bahadurgarh, Haryana, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rakesh Kumar Rastogi

Designation :

Director

Address :

80, Bhera Enclave, Paschim Vihar, New Delhi – 110087, India

Date of Birth/Age :

20.05.1951

Date of Appointment :

01.07.2011

DIN No.:

00502724

Pan No.:

AAFPR0789F

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	U74899DL1989PTC038495	A S SHOE ACCESSORIES PRIVATE LIMITED	Director	01-07-2011	13-01-1993	-	Active	NO
2	U51909DL2004PTC129572	ADI EXIM PRIVATE LIMITED	Director	30-09-2004	30-09-2004	01-12-2009	Active	NO
3	U74999DL2011PTC224871	NEELAM LACE PRIVATE LIMITED	Managing director	09-09-2011	09-09-2011	-	Active	NO

Name :

Mr. Chinmoy Bose

Designation :

Director

Address :

96 – D, Pocket I, Dilshad Garden, New Delhi – 1100095, India

Date of Birth/Age :

11.08.1956

Date of Appointment :

01.07.2011

DIN No.:

00501948

Pan No.:

AAKPB4153D

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	Company/ LLP Status	Defaulting status
1	U74899DL1989PTC038495	A S SHOE ACCESSORIES PRIVATE LIMITED	Managing director	01-07-2011	15-07-1998	Active	NO
2	U74999DL2011PTC224871	NEELAM LACE PRIVATE LIMITED	Director	09-09-2011	09-09-2011	Active	NO

Name :

Mr. Ashish Rastogi

Designation :

Director

Address :

80, Behari Enclave, Paschim Vihar, New Delhi – 110087, India

Date of Birth/Age :

21.01.1991

Date of Appointment :

10.11.2010

DIN No.:

03311463

Pan No.:

AQRPR0595A

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	Company/ LLP Status	Defaulting status
1	U74899DL1989PTC038495	A S SHOE ACCESSORIES PRIVATE LIMITED	Director	10-11-2010	10-11-2010	Active	NO
2	U74999DL2011PTC224871	NEELAM LACE PRIVATE LIMITED	Director	09-09-2011	09-09-2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Rakesh Kumar Rastogi	53960
Anshu Rastogi	11730
Chinmoy Bose	53750
Sweta Bose	20780
Kuldeep Kaur	4100
Vipul Kumar	3965
Jaswant Kaur	1635
Kesar Singh	765
Nirmal Rastogi and Rakesh Rastogi / Shallendera Rastogi	1250
Sangeeta Rastogi	4950
Ashish Rastogi	30500
Aditi Bose	8500
Soma Mitra	1000
Sunil Krishna Bose	1100
Shyamali Sarkar	100
Gulshan Mahendra HUF	100
Arundhuti Bose	200
Anup Kumar Das	1000
Abhay Kumar Das	50
Lopa Das	50
Total	199485

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	90.00
Other top fifty shareholders	10.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Pigment Lacquers, Release Agent for PU Soles, Shoe Finishing Chemical and Chemical for Leather Industries.
Products/ Services :	· Synthetic Sole Finishing Products · Dosing Pigments · Release Agents for PU Sole · Upper Finishing Product for Leather Goods · Solid Waxes · Polyurethane (PU) System, etc.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	Italy China
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Nuova S.I.V.A.M SPA., Italy
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesaler and Retailers

Reference:	Sandhya Sales Corporation, Agra
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

25 (Approximately)

Bankers :

Bank Name:	ING Vysya Bank
Branch:	Punjabi Bagh, New Delhi, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit : Rs.70.000 Millions Letter of Credit : Rs.0.500 Million
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Bank of India, Ghatkopar (West) Branch, Desai Niwas, M. G. Road, Ghatkopar (West), Mumbai – 400086, Maharashtra, India

· Punjab National Bank, New Delhi, India

· Bank of India Kirti Nagar, New Delhi – 110015, India

· Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Cash Credit Account
ING Vysya bank	16.089	0.000
Yes Bank (Working Capital Facilities from Banks)	(7.222)	8.340
Total	8.867	8.340

Auditors :
Name :	S K Vohra and Company Chartered Accountants
Address :	32, Regal Building, Sansad Marg, Delhi – 110001, India
Tel. No.:	91-11--23744165/23363552
Fax No.:	91-11-23362586
Income-tax PAN of auditor or auditor's firm :	ABUPV1969N
Related Party :	Vaishali Sale Corporation

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
199,485	Equity Shares	Rs. 100/- each	Rs. 19.949 Millions

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	19.949	19.939	19.938
(b) Reserves & Surplus	51.507	49.787	49.584
(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)	71.456	69.726	69.522
(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	36.822	35.190	22.258
(b) Trade payables	27.935	24.246	22.124
(c) Other current liabilities	2.040	2.426	3.943
(d) Short-term provisions	21.207	19.304	16.166
Total Current Liabilities (4)	88.004	81.166	64.491
TOTAL	159.460	150.892	134.013
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.015	13.201	13.177
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.680	0.680	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	1.084	0.832	0.593
(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	14.779	14.713	13.770
(2) Current assets
(a) Current investments	3.331	2.718	2.687
(b) Inventories	38.936	33.626	35.834
(c) Trade receivables	73.702	57.224	40.284
(d) Cash and cash equivalents	1.487	0.791	0.798
(e) Short-term loans and advances	27.225	41.820	40.644
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	144.681	136.179	120.247
TOTAL	159.460	150.892	134.017

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	175.817	13.507	141.338
Less	EXPENSES
		TOTAL	168.227	5.808	124.726
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.590	7.699	16.612
Less/ Add	DEPRECIATION/ AMORTISATION		1.602	1.710	1.637
	PROFIT BEFORE TAX		5.988	5.989	14.975
Less	TAX		1.959	2.310	4.898
	PROFIT AFTER TAX		4.029	3.679	10.077
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.581	14.377	12.776
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	1.000	5.000
		Provision for Dividend	1.995	2.990	2.991
		Provision for Dividend Tax	0.339	0.485	0.485
	BALANCE CARRIED TO THE B/S		14.276	13.581	14.377
	IMPORTS
		Trading Goods	65.579	44.920	42.814
	Earnings Per Share (Rs.)		20.19	18.45	50.55

Expected Sales (2014-2015): Rs. 380.000 Millions (Due to Business Expansion)

The above information has been parted by Mr. Rakesh Kumar Rastogi (Chairman)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.80	4.01	11.22
Return on Investment (ROI) (PBT/Networth)		0.08	0.09	0.22
Debt Equity Ratio (Total Debt/Networth)		0.52	0.50	0.32
Current Ratio (Current Asset/Current Liability)		1.64	1.68	1.86

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	19.938	19.939	19.949
Reserves & Surplus	49.584	49.787	51.507
Net worth	69.522	69.726	71.456
long-term borrowings	0.000	0.000	0.000
Short term borrowings	22.258	35.190	36.822
Total borrowings	22.258	35.190	36.822
Debt/Equity ratio	0.320	0.505	0.515

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)
Total Income	141.338	13.507	175.817
		(90.443)	1,201.673

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	141.338	13.507	175.817
Profit	10.077	3.679	4.029
	7.13%	27.24%	2.29%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10484417	06/06/2014 *	50,000,000.00	ING VYSYA BANK LIMITED	55, GROUND FLOOR, WEST AVENUE ROAD, PUNJABI BAGH, NEW DELHI, DELHI - 110026, INDIA	C46719472

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
From Directors	15.250	7.752
From Shareholders/Others	12.705	19.098
Total	27.955	26.850

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture, Fixture and Equipment

· Vehicle

· Computer

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. 62.34
UK Pound	1	Rs. 92.64
Euro	1	Rs. 68.12

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	KAR
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.