MIRA INFORM REPORT

Report Date :

06.12.2011

IDENTIFICATION DETAILS

Name :	VEEKESY ELASTOMERS PRIVATE LIMITED
Registered Office :	Door No. VII/ 330, NH – 17, P O Kolathra, Kozhikode – 673655, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.04.1998
Com. Reg. No.:	09-12185
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U25199KL1998PTC012185
TAN No.: [Tax Deduction & Collection Account No.]	CHNV00418F
Legal Form :	Private Limited Liability Company.
Line of Business :	Dealers of Plastic Footwear.
No. of Employees :	Not Available

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 280000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Door No. VII/ 330, NH – 17, P O Kolathra, Kozhikode – 673655, Kerala, India
Tel. No.:	91-495-2486512/ 3290823/ 3020000
Fax No.:	91-495-2482351
E-Mail :	veekesy@bsnl.in vkcelastomers@vkcgroup.com v_rasheed@hotmail.com
Website :	http://www.veekesy.com

DIRECTORS

(AS ON 22.07.2011)

Name :

Mr. Mammed Koya VKC

Designation :

Chairman and Managing Director

Address :

Prabha Nallalam Post, Calicut, Kozhikode – 673027, Kerala, India

Date of Birth/Age :

05.02.1940

Date of Appointment :

29.09.2007

DIN No.:

00309339

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24134KL1994PTC007912	CALTECH POLYMERS PRIVATE LIMITED	Director	13/05/1994	13/05/1994	-	Active	NO
2	U19201KL2002PTC015170	CALIFER FOOTCARE (INDIA) PRIVATE LIMITED	Director	6/6/2008	9/1/2002	10/10/2008	Active	NO
3	U25191KL2002PTC015519	VEEKESY RUBBER INDUSTRIES PRIVATE LIMITED	Director	5/7/2002	5/7/2002	-	Active	NO
4	U19201KL2005PTC018011	DIMESCO FOOTCARE INDIA PRIVATE LIMITED	Director	19/03/2005	19/03/2005	-	Active	NO
5	U45309KL1961SGC001937	KERALA STATE INDUSTRIAL DEVELOPMENT CORPN LTD	Director	14/05/2007	14/05/2007	-	Active	NO
6	U91990KL2002NPL015838	NORKA-ROOTS (SEC 25 COMPANY)	Director	18/08/2007	18/08/2007	29/08/2011	Active	NO
7	U25199KL1998PTC012185	VEEKESY ELASTOMERS PRIVATE LIMITED	Director	29/09/2007	29/09/2007	-	Active	NO
8	U45200KL2007PLC021389	BUILDCON CONSTRUCTION COMPANY LIMITED	Director	19/12/2007	9/11/2007	-	Active	NO
9	U91110KL1931NPL001527	THE MALABAR CHAMBER OF COMMERCE	Director	25/09/2008	25/09/2008	12/11/2010	Active	NO
10	U19201KL2004PTC017111	DIADORA SHOES PRIVATE LIMITED	Director	30/09/2008	30/09/2008	-	Active	NO
11	U19202KL2002PTC015715	SLIPONS INDIA PRIVATE LIMITED	Director	30/09/2008	30/09/2008	-	Active	NO
12	U65929KL1975SGC002736	KERALA SMALL INDUSTRIES DEVELOPMENT CORPORATION LIMITED	Director	20/11/2008	20/11/2008	18/10/2011	Active	YES
13	U19201KA2008PTC048381	VEEKESY SANDALS (INDIA) PRIVATE LIMITED	Director	21/11/2008	21/11/2008	-	Active	NO
14	U24134KL1996PTC009856	VEEKESY POLYMERS PRIVATE LIMITED	Director	29/06/2009	29/06/2009	-	Active	NO
15	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Director	3/8/2009	3/8/2009	-	Active	NO
16	U19202KL2006PTC019643	SMARTAK FOOTCARE PRIVATE LIMITED	Director	18/08/2010	9/9/2009	-	Active	NO
17	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	29/09/2009	29/09/2009	-	Active	NO
18	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Director	29/09/2009	29/09/2009	-	Active	NO
19	U67110KL2009PLC025082	AL BARAKAH FINANCIAL SERVICES LIMITED	Director	23/05/2011	30/11/2009	-	Active	NO
20	U19200KL2010PTC025679	VEEKESY SHOES AND ALLIED PRODUCTS INDIA PRIVATE LIMITED	Director	13/03/2010	13/03/2010	-	Active	NO
21	U19200KL2010PTC026340	VKC FOOTWEAR INTERNATIONAL PRIVATE LIMITED	Director	13/07/2010	13/07/2010	-	Active	NO
22	U19200KL2010PTC026934	VKC FOOTSTEPS (INDIA) PRIVATE LIMITED	Director	28/10/2010	28/10/2010	-	Active	NO
23	U15400KL2011PTC027626	MALABAR MEGA FOOD PARK PRIVATE LIMITED	Director	9/2/2011	9/2/2011	-	Active	NO
24	U19200KL2011PTC029663	VKC FOOTPRINTS GLOBAL PRIVATE LIMITED	Director	25/10/2011	25/10/2011	-	Active	NO

Name :

Mr. Veluthedath Abdul Rasheed

Designation :

Director

Address :

Veluthedath House, P. O. Nallalam, Kolathara, Calicut, Kozhikode – 673655, Kerala, India

Date of Birth/Age :

19.11.1975

Date of Appointment :

23.02.2002

DIN No.:

00081804

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25199KL1998PTC012185	VEEKESY ELASTOMERS PRIVATE LIMITED	Director	23/02/2002	23/02/2002	Active	NO
2	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Director	4/8/2006	4/8/2006	Active	NO
3	U19202KL2005PTC018521	MORBIDO VINYL PRIVATE LIMITED	Director	29/09/2007	29/09/2007	Active	NO
4	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2010	26/12/2009	Active	NO
5	U19200TZ2009PTC015640	COIMBATORE FOOTWEAR STITCHING WORKS PRIVATE LIMITED	Director	30/09/2010	20/05/2010	Active	NO
6	U19200KL2010PTC026340	VKC FOOTWEAR INTERNATIONAL PRIVATE LIMITED	Director	13/07/2010	13/07/2010	Active	NO
7	U19201KA2008PTC048381	VEEKESY SANDALS (INDIA) PRIVATE LIMITED	Director	2/9/2010	2/9/2010	Active	NO
8	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Director	30/09/2010	30/09/2010	Active	NO
9	U19200KL2010PTC026934	VKC FOOTSTEPS (INDIA) PRIVATE LIMITED	Director	28/10/2010	28/10/2010	Active	NO
10	U19121KA2010PTC055821	NANJANGUD STITCHING WORKS PRIVATE LIMITED	Director	24/10/2011	24/10/2011	Active	NO
11	U19200KL2011PTC029663	VKC FOOTPRINTS GLOBAL PRIVATE LIMITED	Director	25/10/2011	25/10/2011	Active	NO

Name :

Mr. Veluthedath Noushad

Designation :

Managing Director

Address :

Prabha, Nallalam P. O., Kozhikode- 673027, Kerala, India

Date of Birth/Age :

11.05.1970

Date of Appointment :

15.04.2010

DIN No.:

00083945

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24134KL1996PTC009856	VEEKESY POLYMERS PRIVATE LIMITED	Director	21/01/1997	21/01/1997	Active	NO
2	U25209KL1998PTC012195	EMERALD PLASTOMERS PRIVATE LIMITED	Director	30/09/2000	30/09/2000	Active	NO
3	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Managing director	29/09/2009	14/09/2004	Active	NO
4	U19201KL2005PTC018043	FERRERO VINYL TECHNOLOGIES PRIVATE LIMITED	Director	26/03/2005	26/03/2005	Active	NO
5	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Managing director	3/8/2009	7/6/2006	Active	NO
6	U25191KL2002PTC015519	VEEKESY RUBBER INDUSTRIES PRIVATE LIMITED	Director	29/09/2007	29/09/2007	Active	NO
7	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	10/12/2007	10/12/2007	Active	NO
8	U24134KL1994PTC007912	CALTECH POLYMERS PRIVATE LIMITED	Director	30/09/2008	6/6/2008	Active	NO
9	U19201KA2008PTC048381	VEEKESY SANDALS (INDIA) PRIVATE LIMITED	Managing director	21/11/2008	21/11/2008	Active	NO
10	U19202KL2009PTC024871	FAYIZ FOOTS PRIVATE LIMITED	Director	14/10/2009	14/10/2009	Active	NO
11	U19200TZ2009PTC015640	COIMBATORE FOOTWEAR STITCHING WORKS PRIVATE LIMITED	Director	30/11/2009	30/11/2009	Active	NO
12	U25199KL1998PTC012185	VEEKESY ELASTOMERS PRIVATE LIMITED	Managing director	17/09/2010	15/04/2010	Active	NO
13	U19200KL2010PTC026340	VKC FOOTWEAR INTERNATIONAL PRIVATE LIMITED	Managing director	13/07/2010	13/07/2010	Active	NO
14	U19200KL2010PTC026934	VKC FOOTSTEPS (INDIA) PRIVATE LIMITED	Managing director	28/10/2010	28/10/2010	Active	NO
15	U19121KA2010PTC055821	NANJANGUD STITCHING WORKS PRIVATE LIMITED	Director	10/11/2010	10/11/2010	Active	NO
16	U91110KL1931NPL001527	THE MALABAR CHAMBER OF COMMERCE	Director	12/11/2010	12/11/2010	Active	NO
17	U19200KL2010PTC027072	NORTH KERALA FOOTWEAR CONSORTIUM PRIVATE LIMITED	Managing director	13/01/2011	23/11/2010	Active	NO
18	U19200KL2011PTC029663	VKC FOOTPRINTS GLOBAL PRIVATE LIMITED	Managing director	25/10/2011	25/10/2011	Active	NO

Name :

Mr. Abdul Razak Veluthedath

Designation :

Director

Address :

Prabha, Kodinattumukku, Olavnna P. O., Kozhikode, Kozhikode – 673019, Kerala, India

Date of Birth/Age :

30.05.1968

Date of Appointment :

15.04.2010

DIN No.:

00305833

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25209KL1998PTC012195	EMERALD PLASTOMERS PRIVATE LIMITED	Director	3/4/1998	3/4/1998	Active	NO
2	U02520TZ1998PTC008691	VEEKESY PLASTOMERS INDIA PRIVATE LIMITED	Director	22/12/1998	22/12/1998	Active	NO
3	U19202KL2002PTC015715	SLIPONS INDIA PRIVATE LIMITED	Managing director	30/09/2008	14/11/2002	Active	NO
4	U19201KL2004PTC017111	DIADORA SHOES PRIVATE LIMITED	Managing director	30/09/2008	17/05/2004	Active	NO
5	U19201KL2005PTC018011	DIMESCO FOOTCARE INDIA PRIVATE LIMITED	Managing director	16/12/2009	19/03/2005	Active	NO
6	U19202KL2005PTC018521	MORBIDO VINYL PRIVATE LIMITED	Director	10/8/2005	10/8/2005	Active	NO
7	U19202KL2006PTC019643	SMARTAK FOOTCARE PRIVATE LIMITED	Managing director	9/9/2009	22/07/2006	Active	NO
8	U25191KL2002PTC015519	VEEKESY RUBBER INDUSTRIES PRIVATE LIMITED	Director	29/09/2007	29/09/2007	Active	NO
9	U24134KL1996PTC009856	VEEKESY POLYMERS PRIVATE LIMITED	Director	29/06/2009	29/06/2009	Active	NO
10	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Director	3/8/2009	3/8/2009	Active	NO
11	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	29/09/2009	29/09/2009	Active	NO
12	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Director	29/09/2009	29/09/2009	Active	NO
13	U19202KL2009PTC024871	FAYIZ FOOTS PRIVATE LIMITED	Director	14/10/2009	14/10/2009	Active	NO
14	U19202KL2009PTC024938	ESSEFSY FOOTWEARS PRIVATE LIMITED	Director	27/10/2009	27/10/2009	Active	NO
15	U19200KL2010PTC025679	VEEKESY SHOES AND ALLIED PRODUCTS INDIA PRIVATE LIMITED	Managing director	20/04/2010	13/03/2010	Active	NO
16	U25199KL1998PTC012185	VEEKESY ELASTOMERS PRIVATE LIMITED	Director	17/09/2010	15/04/2010	Active	NO
17	U19200TZ2009PTC015640	COIMBATORE FOOTWEAR STITCHING WORKS PRIVATE LIMITED	Director	30/09/2010	20/05/2010	Active	NO

Name :

Mr. Mohammed Veluthedath

Designation :

Director

Address :

Jashi Mahal, West Bazar Nallalam P. O. Kozhiokode – 673027, Kerala, India

Date of Birth/Age :

20.05.1954

Date of Appointment :

15.04.2010

DIN No.:

00306002

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25191KL2002PTC015519	VEEKESY RUBBER INDUSTRIES PRIVATE LIMITED	Director	5/7/2002	5/7/2002	Active	NO
2	U19202KL2006PTC019643	SMARTAK FOOTCARE PRIVATE LIMITED	Director	1/12/2006	1/12/2006	Active	NO
3	U19201KL2005PTC018043	FERRERO VINYL TECHNOLOGIES PRIVATE LIMITED	Director	29/09/2007	29/09/2007	Active	NO
4	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	10/12/2007	10/12/2007	Active	NO
5	U19201KA2008PTC048381	VEEKESY SANDALS (INDIA) PRIVATE LIMITED	Director	21/11/2008	21/11/2008	Active	NO
6	U24134KL1996PTC009856	VEEKESY POLYMERS PRIVATE LIMITED	Director	29/06/2009	29/06/2009	Active	NO
7	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Director	3/8/2009	3/8/2009	Active	NO
8	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Director	29/09/2009	29/09/2009	Active	NO
9	U19202KL2009PTC024938	ESSEFSY FOOTWEARS PRIVATE LIMITED	Director	27/10/2009	27/10/2009	Active	NO
10	U25199KL1998PTC012185	VEEKESY ELASTOMERS PRIVATE LIMITED	Director	17/09/2010	15/04/2010	Active	NO
11	U19200TZ2009PTC015640	COIMBATORE FOOTWEAR STITCHING WORKS PRIVATE LIMITED	Director	30/09/2010	20/05/2010	Active	NO
12	U19200KL2010PTC026340	VKC FOOTWEAR INTERNATIONAL PRIVATE LIMITED	Director	13/07/2010	13/07/2010	Active	NO
13	U19200KL2010PTC026934	VKC FOOTSTEPS (INDIA) PRIVATE LIMITED	Director	28/10/2010	28/10/2010	Active	NO
14	U19121KA2010PTC055821	NANJANGUD STITCHING WORKS PRIVATE LIMITED	Director	24/10/2011	24/10/2011	Active	NO
15	U19200KL2011PTC029663	VKC FOOTPRINTS GLOBAL PRIVATE LIMITED	Director	25/10/2011	25/10/2011	Active	NO

Name :

Mr. Veluthedath Mohammed Kutty

Designation :

Managing Director

Address :

Veluthedath House, Kolathara, Calicut, Kozhikode – 673655, Kerala, India

Date of Birth/Age :

10.07.1947

Date of Appointment :

25.09.2000

DIN No.:

01693415

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25199KL1998PTC012185	VEEKESY ELASTOMERS PRIVATE LIMITED	Director	17/09/2010	25/09/2000	Active	NO
2	U25191KL2002PTC015519	VEEKESY RUBBER INDUSTRIES PRIVATE LIMITED	Director	29/09/2007	29/09/2007	Active	NO
3	U24134KL1996PTC009856	VEEKESY POLYMERS PRIVATE LIMITED	Director	29/06/2009	29/06/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 22.07.2011)

Names of Shareholders	No. of Shares
VKC Mammed Koya	80000
Veluthedath Noushad	27500
Abdul Razak Veluthedath	37500
Veluthedath Mhammed Kutty	27500
Mohammed Veluthedath	15000
Veluthedath Abdul Rasheed	12500
V. Rafeeque	10000
Fathimabi Veluthedath	20000
Jameela Veluthedath	10000
Noushad Soja	10000
Total	250000

(AS ON 30.09.2011)

Equity Shares Break-up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealers of Plastic Footwear.

Products :

Products Description	Item Code No.:
Plastic Footwear	6402.19.90
Footwear – Others	6406

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Footwear	Pairs/ Annum	NA	51,00,000	32,63,232

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The South Indian Bank Limited

Main Branch, Calicut – 673004, Kerala, India

· State Bank of Travancore

· State Bank of India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
KFC Loan III	0.000	0.008
KFC Loan IV	12.849	0.000
KFC Loan V	9.900	0.000
South Indian Bank Limited	11.804	8.581
Motor car Loan – SBT	0.143	0.505
Total	34.696	9.094

Banking Relations :	--
Financial Institution :	· Kerala Financial Corporation M’square Complex, Pavamani Road, Calicut – 673001, Kerala, India
Auditors :
Name :	U. Parasurama Iyer and Company Chartered Accountant
Address :	Kozhikode – 673001, Kerala, India
PAN No.:	ABOPV6220G
Associates Companies of VKC Group:	· Veekesy Rubber Industries Private Limited · Veekesy Elastomers Private Limited · Veekesy Polymers Private Limited · Sandlon Technologies Private Limited · Fortune Elastomers Private Limited · Caltech Polymers Private Limited · Slipons India Private Limited · Diadora Shoes Private Limited · Dimesco Footcare India Private Limited · Veekesy Plastomers (India) Private Limited · Ferrari Shoes (India) Private Limited · Veekesy Footcare (India) Private Limited · Ferrero Vinyl Technologies Private Limited · Morbido Vinyl Private Limited · Smartak Footcare Private Limited · Veekesy Sandals (India) Private Limited · Vkc Footsteps (India) Private Limited · Veekesy Footwear International Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

NOTE:

Of the above 180000 shares of Rs.10/- each were allotted as fully paid up pursuant to agreement dated 16.07.1997 with out Payments being received in cash

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		67.455	44.636	22.520
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		69.955	47.136	25.020
LOAN FUNDS
1] Secured Loans		34.696	9.094	5.182
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		34.696	9.094	5.182
DEFERRED TAX LIABILITIES		2.767	0.451	0.265
TOTAL		107.418	56.681	30.467
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		77.848	42.671	28.427
Capital work-in-progress		4.016	1.057	0.000
INVESTMENT		0.040	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	52.554	30.810	14.980
	Sundry Debtors	13.424	10.892	5.093
	Cash & Bank Balances	6.108	3.261	0.803
	Other Current Assets	0.047	0.000	0.000
	Loans & Advances	5.363	8.860	3.933
Total Current Assets		77.496	53.823	24.809
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	26.000	17.085	6.188
	Other Current Liabilities	4.289	2.659	1.158
	Provisions	21.693	21.126	15.423
Total Current Liabilities		51.982	40.870	22.769
Net Current Assets		25.514	12.953	2.040
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		107.418	56.681	30.467

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	421.643	291.944	154.343
		Other Income	20.694	7.977	NA
		TOTAL (A)	442.337	299.921	NA
Less	EXPENSES
		Material Consumed	267.997	173.231
		Manufacturing Expenses	33.010	22.936
		Selling and Distribution Expenses	36.683	20.470
		Other Expenses	16.510	9.463
		TOTAL (B)	354.200	226.100
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		88.137	73.821	NA
Less	FINANCIAL EXPENSES (D)		2.465	0.506
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		85.672	73.315
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.617	5.148
	PROFIT BEFORE TAX (E-F) (G)		74.055	68.167	29.417
Less	TAX (H)		25.052	16.867	7.474
	PROFIT AFTER TAX (G-H) (I)		49.003	51.300	21.943
	IMPORTS
		Raw Materials	0.501	NA	NA
		Stores & Spares	0.000	NA	NA
		Capital Goods	38.195	NA	NA
	TOTAL IMPORTS		38.696	NA	NA
	Earnings Per Share (Rs.)		196.01	205.20	87.77

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	11.08	17.10	NA
Net Profit Margin (PBT/Sales)	(%)	17.56	23.35	19.06
Return on Total Assets (PBT/Total Assets}	(%)	47.67	70.64	55.26
Return on Investment (ROI) (PBT/Networth)		1.06	1.45	1.18
Debt Equity Ratio (Total Liability/Networth)		1.24	1.06	1.12
Current Ratio (Current Asset/Current Liability)		1.49	1.32	1.09

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U25199KL1998PTC012185
Name of the company	Veekesy Elastomers Private Limited
Address of the registered office or of the principal place of business in India of the company	Door No. VII/ 330, NH – 17, P O Kolathra, Kozhikode – 673655, Kerala, India veekesy@bsnl.in
This form is for	Modification of charge
Type of charge	Immovable property Book debts Floating charge
Particular of charge holder	The South Indian Bank Limited Main Branch, Calicut – 673004, Kerala, India ro1004@sib.co.in
Nature of instrument creating charge	Letter evidencing deposit of title deeds Cash Credit Facilities Agreement of hypothecation
Date of instrument Creating the charge	30.03.2011
Amount secured by the charge	Rs.15.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: Determined by the bank from time to time Terms of Repayment: Determined by the bank from time to time Margin: 25% Stock and 40% Book Debts Extent and Operation of the charge: Enhancement of CCOL limit from Rs.10.000 Millions to Rs.15.000 Millions.
Particulars of the property charged	Hypothecation of Stock and Book Debts 37.25 cents of land in Sy 14/1B1, at Cheruvannur Village, Kozhikode Taluk in the name of M/S Veekesy Elastomers 16 cents of land in Sy.No14/1B1.At Cheruvannur Village, Kozhikode Taluk, in the name of M/S Malabar Footwear Industries.
Particulars of the present modification	Charge has been modified to the total limit of Rs.15.000 Millions (CCOL limit from Rs.10.000 Millions to Rs.15.000 Millions) The earlier charge of Rs.20.900 Millions (CCOL limit Rs.10.000 Millions, and LC limit Rs 10.900 Millions). LC limit of Rs.10.900 Millions are satisfied and sanctioned the additional CCOL limit Rs.5.000 Millions from South Indian Bank Limited, Main branch, Calicut for working capital purpose.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Moulds and Dies

· Office Equipment

· Electrical Fittings

· Furniture and Fixture

· Tools and Equipment

· Generator

· Motor Car

· Computers

WEBSITE DETAILS:

ABOUT THE GROUP

VKC group of companies are the footwear manufacture especially in southern region of India. The group established on (August17) 1984 with a nominal capital and few employees. In 1984 the founder of the group Mr. V.K.C. Mammed Koya started a Hawai Sheet manufacturing unit with his two brothers. Later on Hawai straps were also inducted to the production line and in 1986 VKC group launched the first product with its own brand name in the market viz. VKC Hawai with an initial production of 600 pairs per day. By 1989 the production increased to 5000 pairs a day and by 1996 it jumped to 17000 pairs.

In between the founder initiated the floating of the first RPVC (Reprocesses Poly Vinyl Chloride) footwear manufacturing unit in the Malabar Area of Kerala with few of his friends. This product also got very good acceptance in the market. The success of the first unit and the RPVC unit gave a signal to the business community and the vast potential was seen by the various industrialists. This resulted in a rapid change in the footwear industry itself. Within a few years the number of Rubber and RPVC unit grew to more than 80 in this area.

In 1994 the group ventured the first unit in Kerala to manufacture footwear from virgin PVC. This resulted in a big change and the multinational brands felt competitions from the local brands. In 1998 the group started the first Micro Cellular PVC footwear in Kerala with imported plant and machinery. “Quality at low price” made VKC group products popular in the market day by day. It also expanded its market to other southern states.

In 2001 the group started the first Air Injected PVC DIP footwear manufacturing unit in the South India. In 2003 the group ventured the first Injected EVA manufacturing unit in South –Central India. In 2006 the group started backward integration to produce EVA compound for Injection and started the first EVA compounding plant in the South –Central India. The unit went in 2007, the group started manufacturing of PU DIP footwear.

During this period new bloods with technical, commercial and practical knowledge were inducted and now the group consists of 25 working Directors and around 100 share holders spread over 18 various units. Annual group turnover stands at Rs.600 million. More than 1000 employees are working in these units. 

The company had achieved a prominent position in the footwear market of India. The main markets, which are concentrated by the company, are Kerala, Tamilnadu and Karnataka. The good quality and variety in models of VKC products help the companies to face market competition. The company has been able to maintain the quality of the products by adopting foreign technologies. The group is now looking for further avenues in the field of footwear to stretch their hands. 

Head Quarter of VKC group is in CALICUT. And the main plants of VKC group of companies are situated in Kerala and Tamilnadu.

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 records 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.51.35
UK Pound	1	Rs.80.51
Euro	1	Rs.69.14

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
--PROFITABILIRY	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
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.