MIRA INFORM REPORT

Report No. :	350724
Report Date :	24.11.2015

IDENTIFICATION DETAILS

Name :	DELTA PLUS (INDIA) PRIVATE LIMITED SEMALL IMPEX PRIVATE LIMITED AMALGAMATED WITH DELTA PLUS (INDIA) PRIVATE LIMITED
Formerly Known As :	SEMALL IMPEX PRIVATE LIMITED (w.e.f. 26.07.2012) SEMALL IMPEX LIMITED
Registered Office :	Plot Y5, Second Floor, Block EP, Sector V, Salt Lake City, Kolkata – 700091, West Bengal
Tel. No.:	91-3174-222723
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	22.06.1994
Com. Reg. No.:	21-063663
Capital Investment / Paid-up Capital :	Rs.50.000 Million
CIN No.: [Company Identification No.]	U19201WB2004PTC100923
IEC No.:	4005000029
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCD1864A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, trading, exporting and importing of Safety Shoe Uppers, Leather Gloves etc.
No. of Employees :	496 (Approximately) (146 Permanent + 350 Contract basis on)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Mr. Nalay Ghose, Assistant Manager has informed that Semall Impex Private Limited has been amalgamated with Delta Plus (India) Private Limited on May 2015. As per Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2015 but the documents related to the financials are not available from any sources. As per available financial for the year 2013, the company has healthy operational activity marked by decent top line growth along with profitability margin of 1.5%. The company has strong financial base, minimum borrowings along with favourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payment are slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Nalay Ghose
Designation :	Assistant Manager
Contact No.:	91-8420017042
Date :	23.11.2015

LOCATIONS

Registered Office :	Plot Y5, Second Floor, Block EP, Sector V, Salt Lake City, Kolkata – 700091, West Bengal, India
Tel. No.:	91-33-40160304/40160300
Mobile No.:	91-8420017042 (Mr. Nalay Ghose)
Fax No.:	91-33-40160317
E-Mail :	semall@detaplus.in chirstophe.remy@deltaplus.in
Website:	www.deltaplus.in
Location:	Rented
Locality:	Commercial
Factory :	Plot No. 2&3, Sector 1, Falta Special Economic Zone Falta, 24 Parganas (S), Kolkata – 743504, West Bengal, India

DIRECTORS

AS ON 25.09.2014

Name :	Jerome Jean-Marc Benoit
Designation :	Director
Address :	FD 142, Sector- III, Salt Lake City, Kolkata – 700091, West Bengal, India
Date of Birth/Age :	06.12.1982
Date of Appointment :	28.10.2010
DIN No.:	03142588
Name :	Margaux Verane Fildier
Designation :	Director
Address :	Quartier La Badelle, 84220, Gordes, France
Date of Birth/Age :	24.04.1982
Date of Appointment :	28.10.2010
DIN No.:	03142578
Name :	IVO Boscardin
Designation :	Director
Address :	VI A, Vespucci 15, 36051 Creazzo IV, Italy
Date of Birth/Age :	01.03.1952
Date of Appointment :	27.01.2011
DIN No.:	03514819
Name :	Mr. Ashokkumar Chakarabarty
Designation :	Director
Address :	22 Prince Anwar Shah Road, Merlin Oxford Res, Flat 7D, Kolkata – 700033, West Bengal, India
Date of Birth/Age :	19.08.1958
Date of Appointment :	24.05.2012
DIN No.:	05274971

KEY EXECUTIVE

Name :	Mr. Nalay Ghose
Designation :	Assistant Manager
Name :	Dhara Agarwal
Designation :	Secretary
Address :	DE 2/A Deshbandhunagar Sahapara, Prantik Apartment, Flat No.3/5, Kolkata - 700059, West Bengal, India
Date of Birth/Age :	15.08.1985
Date of Appointment :	01.09.2012
DIN No.:	AMKPA6708K

MAJOR SHAREHOLDERS

AS ON 25.09.2014

Names of Shareholders	No. of Shares
Deltmal Safety Shoes Private Limited, India	4999998
Dhrubasish Bhattacharyya	1
Indrani Chaudhary	1
Total	5000000

AS ON 02.02.2015

Names of Shareholders	No. of Shares
Delta Plus Group, France	2999994
Jerome Jean Marc Benoit	1
JBS SAS, France	1
Margaux Veranc Fildier, France	1
Ivo Boscardin	1
Delta Plus SAS, France	2
Total	3000000

Equity Share Break up (Percentage of Total Equity)

AS ON 25.09.2014

Category	Percentage
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, trading, exporting and importing of Safety Shoe Uppers, Leather Gloves etc.

Products :

Items Description	Item Code No.
Leather Shoe Upper	42
Industrial Safety Shoe	64

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

· France

· Poland

· Korea, etc

Imports :

Products :

Raw Material

Countries :

· China

· Italy

Terms :

Selling :

Cash, Cheque and Credit (30,60,90 Days)

Purchasing :

Cash, Cheque and Credit (30,60,90 Days)

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 :

End users and OEMs

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 :

496 (Approximately) (146 Permanent + 350 Contract basis on)

Bankers :

Banker Name	Citi Bank N.A
Branch Address	Kanak Building, 41, Chowringhee Road, Kolkata – 700071, West Bengal, India
Person Name (With Designation)	Not Available
Contact Number	91-33-44003509 (Ringing)
Name of Account Holder	Not Available
Account Number	304373008 (Not Confirmed)
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.12.2013	As on 31.12.2012
LONG TERM BORROWING
Rupee term loans from others	68.291	72.261
Total	68.291	72.261

Auditors :
Name :	Jain Seth and Company Chartered Accountants
Address :	12/1, Lindsay Street, 1^st Floor, Kolkata – 700087, West Bengal, India
Tel. No.:	3024 6194/95/96/97/98
Website :	www.jainseth.com
PAN N Income-tax PAN of auditor or auditor's firm :	AADFJ1065B
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.06.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs. 90.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.000 Million

AS ON 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.000	50.000	50.000
(b) Reserves & Surplus	101.896	90.442	77.956
(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)	151.896	140.442	127.956
(3) Non-Current Liabilities
(a) long-term borrowings	68.291	72.261	0.000
(b) Deferred tax liabilities (Net)	0.172	0.483	0.356
(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)	68.463	72.744	0.356
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	47.212	7.483	50.114
(c) Other current liabilities	52.834	62.007	60.900
(d) Short-term provisions	0.000	0.000	0.375
Total Current Liabilities (4)	100.046	69.490	111.389
TOTAL	320.405	282.676	239.701
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.346	21.750	23.166
(ii) Intangible Assets	0.047	0.044	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	0.000	0.000	0.000
(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	20.393	21.794	23.166
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	198.471	148.716	154.760
(c) Trade receivables	82.056	71.128	50.570
(d) Cash and cash equivalents	11.279	12.783	7.343
(e) Short-term loans and advances	8.206	25.537	1.484
(f) Other current assets	0.000	2.718	2.378
Total Current Assets	300.012	260.882	216.535
TOTAL	320.405	282.676	239.701

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2013	31.12.2012	31.12.2011
	SALES
	Income	763.570	582.408	516.123
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	19.464	23.674	40.672
Less	FINANCIAL EXPENSES	3.324	0.818	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	16.140	22.856	40.672
Less/ Add	DEPRECIATION/ AMORTISATION	2.585	3.053	3.121
	PROFIT/ (LOSS) BEFORE TAX	13.555	19.803	37.551
Less	TAX	2.101	7.317	8.313
	PROFIT/ (LOSS) AFTER TAX	11.454	12.486	29.238
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	90.442	76.087	46.849
Less	APPROPRIATIONS
	Transfer from Capital reserve	0.000	(1.869)	0.000
	Balance Carried to the B/S	101.896	90.442	76.087
	Earnings / (Loss) Per Share (Rs.)	2.29	NA	NA

Particulars	2014-2015	2013-2014
Sales Turnover (Approximately)	980.000	850.800

Expected Sales (2015-2016) : Rs.1050.000 Million

The above information has been parted by Mr. Nalay Ghosh

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2013	31.12.2012	31.12.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	32.148	(42.104)	3.343

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Net Profit Margin (PAT / Sales)	(%)	1.50	2.14	5.66
Operating Profit Margin (PBIDT/Sales)	(%)	2.55	4.06	7.88
Return on Total Assets (PBT/Total Assets}	(%)	4.23	7.01	15.67
Return on Investment (ROI) (PBT/Networth)		0.09	0.14	0.29
Debt Equity Ratio (Total Debt /Networth)		0.45	0.51	0.00
Current Ratio (Current Asset/Current Liability)		3.00	3.75	1.94

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	50.000	50.000	50.000
Reserves & Surplus	77.956	90.442	101.896
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	127.956	140.442	151.896
long-term borrowings	0.000	72.261	68.291
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	72.261	68.291
Debt/Equity ratio	0.000	0.515	0.450

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	516.123	582.408	763.570
		12.843	31.106

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	516.123	582.408	763.570
Profit	29.238	12.486	11.454
	5.66%	2.14%	1.50%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last five years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from EN 12, 5th floor, Sector V, Salt Lake City, Kolkata -700091, West Bengal, India to the present address w.e.f. 01.06.2012

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10529336	07/11/2014	130,000,000.00	CITI BANK N.A.	KANAK BUILDING,, 41, CHOWRINGHEE ROAD,, KOLKATA, WEST BENGAL - 700071, INDIA	C32401127
2	10529337	07/11/2014	130,000,000.00	CITI BANK N.A.	KANAK BUILDING,, 41 CHOWRINGHEE ROAD,, KOLKATA, W EST BENGAL - 700071, INDIA	C32402604
3	10380910	19/07/2013 *	130,000,000.00	CITIBANK N.A	KANAK BULDING, 41 CHOWRINGHEE ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	B80461197
4	90245205	13/09/1995	2,000,000.00	BANK OF INDIA	CULCUTTA OVERSEAAS BRANCH, 23B N.S ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible assets

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

Intangible assets

· Computer 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 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.66.35
UK Pound	1	Rs.100.66
Euro	1	Rs.70.47

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	TRI
Report Prepared by :	KVT

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	4
--LEVERAGE	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.