>LIBERTY SHOES LIMITED (FIRST CALL)

SYNOPSIS: • Liberty Shoes is the flagship company of the Liberty Group, a leading footwear company in India and one of the largest manufacturers of leather footwear in the world with a turnover exceeding U.S. $100 million.

• The company is now focusing on the domestic market in a big way. “Liberty Shoes is bullish about retail. It is now ramping up retail and distribution channel in India.”

• Liberty launches Autumn-Winter 2009 Collection.

• Credit rating agency, ICRA has revised the rating assigned to the Rs.300 million Commercial
Paper/Short Term Debt (STD) programme of Liberty Shoes (LSL) from A1 to A2+. The revised rating indicates above-average-credit quality in the short term1.

• Foot Mart Retail, the joint venture between Pantaloon Retail and Liberty Shoes, seems to be on
shaky grounds due to a couple of operational issues. The JV did not take off as planned, and Future Group may pump in more funds and up its stake in the venture. While Liberty Shoes will continue to be a stakeholder in the business, the operational control could move to Future Group.

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