MIRA INFORM REPORT

Report No. :	314208
Report Date :	26.03.2015

IDENTIFICATION DETAILS

Name :	NAMASTE EXPORTS LIMITED

Registered Office :	Namaste Complex, # 21/2, Vittalnagar, Chamarajpet, Bangalore – 560018, Karnataka

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	21.03.1988

Com. Reg. No.:	08-008988

Capital Investment / Paid-up Capital :	Rs.139.342 Million

CIN No.: [Company Identification No.]	L85110KA1988PLC008988

TAN No.: [Tax Deduction & Collection Account No.]	BLRN00350A

PAN No.: [Permanent Account No.]	AAACN7424L

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges

Line of Business :	The Company is engaged in the manufacturing of Leather Garments.

No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 541000

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 company’s moderate operational risk profile and low reserves of the company. However, trade relations are fair. Business is active. Payments 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

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. K. Vinod Bhat
Designation :	Managing Chairperson / Director
Contact No.:	91-80-26740774
Date :	24.03.2015

LOCATIONS

Registered Office / Factory 1:	Namaste Complex, # 21/2, Vittalnagar, Chamarajpet, Bangalore – 560018, Karnataka, India
Tel. No.:	91-80-26740774 / 267479 93 / 26742252
Fax No.:	91-80-26747776
E-Mail :	info@namasteexports.net sridhar_rao@namasteexports.net sripadrao@namasteexports.net satish.burde@namasteexports.net vinayak@namasteexports.net accounts@namasteexports.net
Website :	http://www.namasteexports.net
Location :	Owned [Industrail]

Factory 2 :	No. 63, New Timberyard Layout, Mysore Road, Bangalore - 560026, Karnataka, India

DIRECTORS

AS ON 31.03.2014

Name :	Mr. K. Vinod Bhat
Designation :	Managing Director
Qualification :	B.Com

Name :	Mr. K. Vishal Bhat
Designation :	Director
Qualification :	B.Com

Name :	Mr. M. Sripad Rao
Designation :	Whole-time Director
Qualification :	H.S.C.

Name :	Mr. E.N. Veeranna
Designation :	Whole-time Director
Qualification :	B.Com

Name :	Mr. A. Gopala Iyengar
Designation :	Independent Director
Qualification :	H.S.C.

Name :	Mrs. Geetha Santhanagopalan
Designation :	Independent Director
Qualification :	S.S.C.

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	122733565	88.08
Sub Total	122733565	88.08
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	122733565	88.08

(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	33200	0.02
Financial Institutions / Banks	5678050	4.07
Central Government / State Government(s)	2051200	1.47
Any Others (Specify)	4500	0.00
Foreign Financial Institutions / Banks	4500	0.00
Sub Total	7766950	5.57
(2) Non-Institutions
Bodies Corporate	5491850	3.94
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2812827	2.02
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	509900	0.37
Any Others (Specify)	27338	0.02
NRIs/OCBs	21935	0.02
Hindu Undivided Families	5403	0.00
Sub Total	8841915	6.35
Total Public shareholding (B)	16608865	11.92

Total (A)+(B)	139342430	100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00

Total (A)+(B)+(C)	139342430	100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in the manufacturing of Leather Garments.

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :
Products :	Leather Products
Countries :	Europe US Canada

Imports :	Not Divulged

Terms :
Selling :	Cash, L/C, Cheque and Credit

Purchasing :	Cash, L/C, Cheque and Credit

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Manufacturer

Reference :	Not Divulged
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

No. of Employees :

50 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Overseas Branch, Bangalore
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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Bank Name	The Federal Bank Limited
Branch	St. Marks Road, Bangalore
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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Bank Name	Industrial Development Bank of India
Branch	Bangalore
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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Deferred Payment liabilities (Hire Purchase Finance from Banks)
secured by Hypothecation of Vehicles	1.328	0.000
Less : Instalments of term loan payable within a year	(0.703)	0.000
Short-term borrowings
Loans repayable on demand
From Banks - Working Capital Borrowings *	41.734	0.000
Total	42.359	0.000

NOTE :

Long-term Borrowings

*Deferred Payment Liabilities is secured by hypothecation of vehicles. The loan is repayable in 24/36 equated monthly instalments.

Maturity Profile	2014-15	2015-16	2016-17
Amount in Million	0.703	0.496	0.129

Short-term borrowings

*The Company has earlier created charge on the fixed and current assets of the Company in favour of Industrial Development Bank of India, State Bank of India Mutual Fund, Karnataka State Industrial Investment Development Corporation, Karnataka State Financial Corporation, State Bank of India and Canara Bank. The Company has repaid / allotted shares towards these dues as approved by the BIFR. Company is in the process of filing satisfaction of charges with Registrar of Companies in respect of these charges. Short term borrowings are secured by hypothecation of inventories and receivables, personal guarantee of Directors of Success Apparels Private Limited and Equitable mortgage of an immovable property.


Banking Relations :

Auditors :
Name :	Ishwar and Gopal Chartered Accountants
Address :	Sri Vinayaka Motor Service Building, No. 21/2, T.S.P. Road, Kalasipalyam Bangalore – 560002, Karnataka, India

Memberships :	--

Collaborators :	--

Associates :	Elite Leather International Private Limited MNS Exports Private Limited N.P. Properties Private Limited Thrive Leathers

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

250,000,000	Equity Shares	Rs.1/- each	Rs.250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

139,342,430	Equity Shares	Rs.1/- each	Rs.139.342 Million

Par value Rs. 1 per equity share (previous year Rs. 2)

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Particulars		AS ON 31.03.2014
		No. of Shares
Equity Shares
Oustanding at the beginning of the period		43,214,230
Add: Shares issued to shareholders of Success Apparels Private Limited pursuant to scheme of amalgamation		100,000,000
Less: Shares held by Success Apparels Private Limited cancelled pursuant to scheme of amalgamation		(3,871,800)
Outstanding at the end of the period		139,342,430

Terms / Rights attached to equity shares of Rs. 1 (Rs. 2/-) per share. Each holder of an equity share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the Annual General Meeting.

During the year, the Company has not declared any dividend 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 shares held by the equity shareholders.

Shares held by each shareholder holding more than 5 percent shares specifying the number of shares held

Name of the Shareholder	AS ON 31.03.2014
	No. of Shares held	% of Holding
MNS Exports Private Limited	3,865,000	3
Success Apparels Private Limited	--	0
State Bank of India	3,987,850	3
Shardamma	2,280,000	2
Mrs. Madhura Bhat	37,726,550	27
Mr. K. Narayana Bhat	3,092,050	2
M. Srinivasa Murthy	21,448,600	15
M Sripad Rao	20,096,365	14
Mrs. Vanajakshi	10,056,700	7
M Prabhakar	12,006,700	9

Shares reserved for issue under options and contracts / commitments for sale of shares / disinvestment, including the terms and amounts		Nil
Aggregate number and class of shares allotted as fully paid up shares pursuant to contracts without payment being received in cash, bonus shares issued, and shares bought back, during the period of five years immediately preceding the current reporting date		--
Pursuant to scheme of amalgamation of Success Apparels Private Limited with the Company no of shares of Rs. 2 each allotted to the erstwhile shareholders of Success Apparels Private Limited without payment being received in cash.		100.000 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	139.342	86.428	86.428
(b) Reserves & Surplus	49.989	(107.375)	(132.637)
(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)	189.331	(20.947)	(46.209)

(3) Non-Current Liabilities
(a) long-term borrowings	0.625	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)	0.625	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	41.734	0.000	0.000
(b) Trade payables	32.623	0.000	0.000
(c) Other current liabilities	32.216	30.801	56.555
(d) Short-term provisions	3.711	1.479	1.179
Total Current Liabilities (4)	110.284	32.280	57.734

TOTAL	300.240	11.333	11.525

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	82.018	4.711	5.133
(ii) Intangible Assets	0.278	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	0.720	0.609	0.609
(c) Deferred tax assets (net)	0.744	0.000	0.000
(d) Long-term Loan and Advances	23.933	1.856	1.838
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	107.693	7.176	7.580

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	84.076	0.000	0.000
(c) Trade receivables	9.495	0.000	0.000
(d) Cash and cash equivalents	56.189	0.854	1.176
(e) Short-term loans and advances	16.573	3.296	2.763
(f) Other current assets	26.214	0.007	0.006
Total Current Assets	192.547	4.157	3.945

TOTAL	300.240	11.333	11.525

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	458.135	69.688	52.274
	Other Income	6.671	0.307	0.077
	TOTAL (A)	464.806	69.995	52.351

Less	EXPENSES
	Cost of Materials Consumed	237.183	0.000	0.000
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	5.093	0.000	0.000
	Employees benefits expense	98.975	34.843	30.989
	Other expenses	64.322	9.443	16.645
	TOTAL (B)	405.573	44.286	47.634

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	59.233	25.709	4.717

Less	FINANCIAL EXPENSES (D)	8.406	0.011	0.013

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	50.827	25.698	4.704

Less/ Add	DEPRECIATION/ AMORTISATION (F)	5.725	0.437	0.565

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	45.102	25.261	4.139

Less	TAX (H)	0.000	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	45.102	25.261	4.139

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(672.688)	(697.949)	(702.088)

Add	ADDITIONS ON AMALGAMATIONS	677.575	0.000	0.000

	Balance Carried to the B/S	49.989	(672.688)	(697.949)

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	397.859	Nil	Nil
	Sample Sales	2.747	Nil	Nil
	TOTAL EARNINGS	400.606	Nil	Nil

	IMPORTS
	Raw Materials	63.522	Nil	Nil
	TOTAL IMPORTS	63.522	Nil	Nil

	Earnings / (Loss) Per Share (Rs.)	0.32	0.58	0.10

Expected Sales ( 2014-2015 ) : Rs.500.000

The above information has been parted by Mr. K Vinod Bhat (Managing Director).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	9.84	36.25	7.92

Operating Profit Margin (PBIDT/Sales)	(%)	12.93	36.89	9.02

Return on Total Assets (PBT/Total Assets}	(%)	15.10	235.56	37.92

Return on Investment (ROI) (PBT/Networth)		0.24	(1.21)	(0.09)

Debt Equity Ratio (Total Debt /Networth)		0.22	0.00	0.00

Current Ratio (Current Asset/Current Liability)		1.75	0.13	0.07

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	86.428	86.428	139.342
Reserves & Surplus	(132.637)	(107.375)	49.989
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(46.209)	(20.947)	189.331

long-term borrowings	0.000	0.000	0.625
Short term borrowings	0.000	0.000	41.734
Total borrowings	0.000	0.000	42.359
Debt/Equity ratio	0.000	0.000	0.224

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)
Sales	52.274	69.688	458.135
		33.313	557.409

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	52.274	69.688	458.135
Profit	4.139	25.261	45.102
	7.92%	36.25%	9.84%

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	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	No
17]	Major suppliers	No
18]	Major customers	No
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

CONTINGENT LIABILITIES ARE NOT RECOGNISED BUT DISCLOSED BY WAY OF NOTES TO ACCOUNTS IN CASE OF:

(i) A present obligation arising from past events, when it is not probable that an outflow of resources will be required to settle that obligation;

(ii) A present obligation when no reliable estimate is possible;

(iii) A possible obligation arising from past events where the probability of outflow of resources is remote. Contingent Assets are neither recognised nor disclosed in the financial statements.

MERGER

The Board for Industrial Financial Reconstruction (BIFR) in their order dated 20th Dec. 2013 approved the merger

proposal of M/s. Success Apparels Private Limited (SAPL) with the company. Accordingly, the company filed necessary returns with the Ministry of Corporate Affairs on 20-01-2014 and the same has been approved. The company initiated action for implementation of the Modified Draft Rehabilitation Scheme (MDRS). The company, on merger started production on its own.

CORPORATE INFORMATION

Subject is a public limited Company incorporated under provisions of Companies Act, 1956, with its registered office at Bangalore. The Company is engaged in the manufacturing of leather garments.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10037484	12/01/2007	55,000,000.00	THE FEDERAL BANK LIMITED	NO.44 AND 45,, RESIDENCY ROAD, BANGALORE, KARNATA KA - 560025, INDIA	A10966000
2	90192001	30/12/2014 *	155,000,000.00	THE FEDERAL BANK LIMITED	HALCYON COMPLEX,, #9, ST MARK'S ROAD, BANGALORE, KARNATAKA - 560001, INDIA	C43580489
3	80061502	26/03/1998	35,000,000.00	KSIIDC LTD	CUNNIGHAM ROAD , , BANGALORE, KARNATAKA - 560052, INDIA	-
4	90195279	20/01/1998 *	50,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	JANARDHAN TOWER ; 1ST FLOOR NO. 2, RESIDENCY ROAD , BANGLORE, KARNATAKA - 560025, INDIA	-
5	90195258	15/07/1996 *	50,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	NO -2 ; RESIDENCY ROAD, JANARDHANA TOWERS ; 1ST F LOOR, BANGLORE, KARNATAKA - 560025, INDIA	-
6	90195207	20/05/1996 *	525,000,000.00	STATE BANK OF INDIA	ALAME CENTRE 87, M.G. ROAD, BANGLORE, KARNATAKA - 560001, INDIA	-
7	90195165	28/02/1994	50,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	NO 2 RESIDENCY ROAD, JANARDHANE TOWERS; 1ST FLOOR , BANGLORE, KARNATAKA - 580025, INDIA	-
8	90193698	16/03/1993	14,444,980.00	INDIAN EQUIPMENT LEASING LIMITED	NO 21 PATULLOS ROAD, MADRAS, TAMIL NADU - 600002, INDIA	-
9	90195116	04/03/1993	30,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, M.G. ROAD, BANGLORE, KARNATAKA - 560001, INDIA	-
10	90195095	10/05/1994 *	31,875,000.00	CANARA BANK	OVERSEAS BRANCH, 28 M.G. ROAD, BANGLORE, KARNATAK A - 560001, INDIA	-

Charges

SUIT-FILED ACCOUNTS OF RS. 10.000 MILLION AND ABOVE AS ON 25-MAR-2015
SEARCH DETAILS

BORROWER CONTAINING - NAMASTE EXPORTS LIMITED

BANK - STATE BANK OF INDIA

Bank

Branch

Quarter

D&B D-U-N-S® Number

Borrower Name

Outstanding Amount (Rs. In Million)


STATE BANK OF INDIA	SAMB BANGALORE	31-03-07	NAMASTE EXPORTS LIMITED	18.800
STATE BANK OF INDIA	SAMB BANGALORE	30-06-07	NAMASTE EXPORTS LIMITED	18.800
STATE BANK OF INDIA	SAMB BANGALORE	30-09-07	NAMASTE EXPORTS LIMITED	18.800
STATE BANK OF INDIA	SAMB BANGALORE	31-12-07	NAMASTE EXPORTS LIMITED	18.800

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON

31.12.2014

PARTICULARS			(Rs. in million)
PARTICULARS			3 Months Ended	Preceding 3 Months Ended	Year to date figures of current period ended
			31.12.2014	30.09.2014	31.12.2014
			Unaudited	Unaudited	Unaudited
1	Income from Operations
		Sales/Income from Operations (Gross)	100.272	66.016	222.230
		Less: Excise Duty	--	--	--
	a) Net Sales/Income from Operations (net of excise duty)		100.272	66.016	222.230
	b) Other Operating Income		21.301	6.330	31.031
	Total Income from Operations (Net)		121.573	72.346	253.261
2	Expenses
		Cost of Materials consumed	69.287	38.571	161.637
		Purchase of stock in-trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(7.880)	6.827	(21.185)
		Employee benefit expenses	27.988	25.403	77.969
		Depreciation and amortization expense	1.494	1.503	4.500
		Power and Fuel	2.485	1.939	6.497
		Repairs to Plant and Machinery	0.883	1.865	3.461
		Rent	2.614	1.086	4.925
		Freight and Forwarding Expenses	1.652	1.744	4.039
		Travelling and Conveyance	1.199	1.182	3.687
		Other expenses	0.860	7.050	12.313
	Total Expenses		100.582	87.170	257.843
3		Profit /(Loss) from operations before other income, finance costs and exceptional items	20.991	(14.824)	(4.582)
4	Other Income		2.150	(1.855)	3.420
5		Profit /(Loss) from ordinary activities before finance costs and exceptional items	23.141	(16.679)	(1.162)
6	Finance Costs		1.432	0.822	3.850
7		Profit /(Loss) from ordinary activities after finance costs but before exceptional items	21.709	(17.501)	(5.012)
8	Exceptional Items		0.000	0.000	0.000
9	Profit /(Loss) from ordinary activities before tax		21.709	(17.501)	(5.012)
10	Tax Expense		0.000	0.000	0.000
11	Net Profit /(Loss) from ordinary activities after tax		21.709	(17.501)	(5.012)
12	Extraordinary items (net of tax expense)		0.000	0.000	0.000
13	Net Profit /(Loss) for the period		21.709	(17.501)	(5.012)
14	Paid up equity share capital		139.342	139.342	139.342
15	Reserve excluding revaluation reserves		--	--	--
16		Earnings per share (before/after extraordinary items)
		Basic	0.16	(0.13)	(0.04)
		Diluted	0.16	(0.13)	(0.04)

A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	16608865	16608865	16608865
		- Percentage of Shareholding	11.92	11.92	11.92
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	--	--	--
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	--	--	--
		- Percentage of shares (as a % of the total share capital of the Company)	--	--	--
		b) Non- encumbered
		- Number of shares	122733565	122733565	122733565
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	100.00	100.00	100.00
		- Percentage of shares (as a % of the total share capital of the Company)	88.08	88.08	88.08

	Particulars		3 Months Ended 31.12.2014
B		Investor Complaints
		Pending at the beginning of the quarter	Nil
		Received during the quarter	Nil
		Disposed during the quarter	Nil
		Remaining unresolved at the end of the quarter	Nil

NOTE

1. The Unaudited results for the year ended December 31, 2014 have been approved by the Board of Directors at their meeting held on January 30, 2015.

2. The Company presently manufactures leather garment. As the Company does not have reportable segment other than manufacture of leather garment, segment wise reporting is not applicable.

3. Figures have been regrouped, or rearranged wherever necessary.

FIXED ASSETS

Tangible Assets

Land
Building
Plant and Machinery
Electrical Installation
Office Equipment
Computer
Furniture and Fixture
Vehicle

Intangible Assets

Software

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.62.20
UK Pound	1	Rs.92.93
Euro	1	Rs.68.03

INFORMATION DETAILS

Information Gathered by :	SNJ

Analysis Done by :	KAR

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.

MIRA INFORM REPORT

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