MIRA INFORM REPORT

Report Date :

06.12.2011

IDENTIFICATION DETAILS

Name :	VEEKESY POLYMERS PRIVATE LIMITED
Registered Office :	6/1, Ramanattukara, Ramanattukara Post Office, Kozhikode-673633, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.01.1996
Com. Reg. No.:	09-009856
Capital Investment / Paid-up Capital :	Rs. 4.000 Millions
CIN No.: [Company Identification No.]	U24134KL1996PTC009856
TAN No.: [Tax Deduction & Collection Account No.]	CHNV00417E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Ladies Footwear, Gents Footwear, Sandal, Slippers, Shoes
No. of Employees :	100 (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 170000
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 :	6/1, Ramanattukara, Ramanattukara Post Office, Kozhikode-673633, Kerala
Tel. No.:	91-495-2440153 / 2441383 / 2442225 / 2482112
Fax No.:	91-495-2402412
E-Mail :	vrafeeque@yahoo.co.uk

DIRECTORS

AS ON 21.09.2011

Name :	Mr. Veluthedath Noushad
Designation :	Chairman
Address :	Prabha Kodinattumukku, PO Olavanna, Kozhikode-673025, Kerala, India
Date of Birth/Age :	11.05.1970
Date of Appointment :	21.01.1997
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	21-01-97	21-01-97	Active	NO
2	U25209KL1998PTC012195	EMERALD PLASTOMERS PRIVATE LIMITED	Director	30-09-00	30-09-00	Active	NO
3	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Managing director	29-09-09	14-09-04	Active	NO
4	U19201KL2005PTC018043	FERRERO VINYL TECHNOLOGIES PRIVATE LIMITED	Director	26-03-05	26-03-05	Active	NO
5	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Managing director	03-08-09	07-06-06	Active	NO
6	U25191KL2002PTC015519	VEEKESY RUBBER INDUSTRIES PRIVATE LIMITED	Director	29-09-07	29-09-07	Active	NO
7	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	10-12-07	10-12-07	Active	NO
8	U24134KL1994PTC007912	CALTECH POLYMERS PRIVATE LIMITED	Director	30-09-08	06-06-08	Active	NO
9	U19201KA2008PTC048381	VEEKESY SANDALS (INDIA) PRIVATE LIMITED	Managing director	21-11-08	21-11-08	Active	NO
10	U19202KL2009PTC024871	FAYIZ FOOTS PRIVATE LIMITED	Director	14-10-09	14-10-09	Active	NO
11	U19200TZ2009PTC015640	COIMBATORE FOOTWEAR STITCHING WORKS PRIVATE LIMITED	Director	30-11-09	30-11-09	Active	NO
12	U25199KL1998PTC012185	VEEKESY ELASTOMERS PRIVATE LIMITED	Managing director	17-09-10	15-04-10	Active	NO
13	U19200KL2010PTC026340	VKC FOOTWEAR INTERNATIONAL PRIVATE LIMITED	Managing director	13-07-10	13-07-10	Active	NO
14	U19200KL2010PTC026934	VKC FOOTSTEPS (INDIA) PRIVATE LIMITED	Managing director	28-10-10	28-10-10	Active	NO
15	U19121KA2010PTC055821	NANJANGUD STITCHING WORKS PRIVATE LIMITED	Director	10-11-10	10-11-10	Active	NO
16	U91110KL1931NPL001527	THE MALABAR CHAMBER OF COMMERCE	Director	12-11-10	12-11-10	Active	NO
17	U19200KL2010PTC027072	NORTH KERALA FOOTWEAR CONSORTIUM PRIVATE LIMITED	Managing director	13-01-11	23-11-10	Active	NO
18	U19200KL2011PTC029663	VKC FOOTPRINTS GLOBAL PRIVATE LIMITED	Managing director	25-10-11	25-10-11	Active	NO

Name :	Mr. Rafeeque Veluthedath
Designation :	Managing Director
Address :	Veluthedath, PO Kolathara, Cheruvannur, Kozhikode-673655, Kerala, India
Date of Birth/Age :	15.05.1977
Date of Appointment :	01.05.2002
DIN No.:	00305950

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	Managing director	02-05-02	02-05-02	Active	NO
2	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	04-01-03	04-01-03	Active	NO
3	U19202KL2006PTC019643	SMARTAK FOOTCARE PRIVATE LIMITED	Director	01-12-06	01-12-06	Active	NO
4	U19201KA2008PTC048381	VEEKESY SANDALS (INDIA) PRIVATE LIMITED	Director	21-11-08	21-11-08	Active	NO
5	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Director	03-08-09	03-08-09	Active	NO
6	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Director	29-09-09	29-09-09	Active	NO
7	U19200TZ2009PTC015640	COIMBATORE FOOTWEAR STITCHING WORKS PRIVATE LIMITED	Director	30-09-10	20-05-10	Active	NO
8	U19200KL2010PTC026340	VKC FOOTWEAR INTERNATIONAL PRIVATE LIMITED	Director	13-07-10	13-07-10	Active	NO
9	U19200KL2010PTC026934	VKC FOOTSTEPS (INDIA) PRIVATE LIMITED	Director	28-10-10	28-10-10	Active	NO
10	U19121KA2010PTC055821	NANJANGUD STITCHING WORKS PRIVATE LIMITED	Director	10-11-10	10-11-10	Active	NO
11	U19200KL2010PTC027072	NORTH KERALA FOOTWEAR CONSORTIUM PRIVATE LIMITED	Director	13-01-11	13-01-11	Active	NO

Name :	Mr. Abdul Razak Veluthedath
Designation :	Director
Address :	Prabha Kodinattumukku, PO Olavanna, Kozhikode-673025, Kerala, India
Date of Birth/Age :	30.05.1968
Date of Appointment :	29.06.2009
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	03-04-98	03-04-98	Active	NO
2	U02520TZ1998PTC008691	VEEKESY PLASTOMERS INDIA PRIVATE LIMITED	Director	22-12-98	22-12-98	Active	NO
3	U19202KL2002PTC015715	SLIPONS INDIA PRIVATE LIMITED	Managing director	30-09-08	14-11-02	Active	NO
4	U19201KL2004PTC017111	DIADORA SHOES PRIVATE LIMITED	Managing director	30-09-08	17-05-04	Active	NO
5	U19201KL2005PTC018011	DIMESCO FOOTCARE INDIA PRIVATE LIMITED	Managing director	16-12-09	19-03-05	Active	NO
6	U19202KL2005PTC018521	MORBIDO VINYL PRIVATE LIMITED	Director	10-08-05	10-08-05	Active	NO
7	U19202KL2006PTC019643	SMARTAK FOOTCARE PRIVATE LIMITED	Managing director	09-09-09	22-07-06	Active	NO
8	U25191KL2002PTC015519	VEEKESY RUBBER INDUSTRIES PRIVATE LIMITED	Director	29-09-07	29-09-07	Active	NO
9	U24134KL1996PTC009856	VEEKESY POLYMERS PRIVATE LIMITED	Director	29-06-09	29-06-09	Active	NO
10	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Director	03-08-09	03-08-09	Active	NO
11	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	29-09-09	29-09-09	Active	NO
12	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Director	29-09-09	29-09-09	Active	NO
13	U19202KL2009PTC024871	FAYIZ FOOTS PRIVATE LIMITED	Director	14-10-09	14-10-09	Active	NO
14	U19202KL2009PTC024938	ESSEFSY FOOTWEARS PRIVATE LIMITED	Director	27-10-09	27-10-09	Active	NO
15	U19200KL2010PTC025679	VEEKESY SHOES AND ALLIED PRODUCTS INDIA PRIVATE LIMITED	Managing director	20-04-10	13-03-10	Active	NO
16	U25199KL1998PTC012185	VEEKESY ELASTOMERS PRIVATE LIMITED	Director	17-09-10	15-04-10	Active	NO
17	U19200TZ2009PTC015640	COIMBATORE FOOTWEAR STITCHING WORKS PRIVATE LIMITED	Director	30-09-10	20-05-10	Active	NO

Name :	Mr. Mohammed Veluthedath
Designation :	Director
Address :	1/546, Jashi Mahal, West Bazar Nallalam, Kozhikode-673027, Kerala, India
Date of Birth/Age :	20.05.1954
Date of Appointment :	29.06.2009
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	05-07-02	05-07-02	Active	NO
2	U19202KL2006PTC019643	SMARTAK FOOTCARE PRIVATE LIMITED	Director	01-12-06	01-12-06	Active	NO
3	U19201KL2005PTC018043	FERRERO VINYL TECHNOLOGIES PRIVATE LIMITED	Director	29-09-07	29-09-07	Active	NO
4	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	10-12-07	10-12-07	Active	NO
5	U19201KA2008PTC048381	VEEKESY SANDALS (INDIA) PRIVATE LIMITED	Director	21-11-08	21-11-08	Active	NO
6	U24134KL1996PTC009856	VEEKESY POLYMERS PRIVATE LIMITED	Director	29-06-09	29-06-09	Active	NO
7	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Director	03-08-09	03-08-09	Active	NO
8	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Director	29-09-09	29-09-09	Active	NO
9	U19202KL2009PTC024938	ESSEFSY FOOTWEARS PRIVATE LIMITED	Director	27-10-09	27-10-09	Active	NO
10	U25199KL1998PTC012185	VEEKESY ELASTOMERS PRIVATE LIMITED	Director	17-09-10	15-04-10	Active	NO
11	U19200TZ2009PTC015640	COIMBATORE FOOTWEAR STITCHING WORKS PRIVATE LIMITED	Director	30-09-10	20-05-10	Active	NO
12	U19200KL2010PTC026340	VKC FOOTWEAR INTERNATIONAL PRIVATE LIMITED	Director	13-07-10	13-07-10	Active	NO
13	U19200KL2010PTC026934	VKC FOOTSTEPS (INDIA) PRIVATE LIMITED	Director	28-10-10	28-10-10	Active	NO
14	U19121KA2010PTC055821	NANJANGUD STITCHING WORKS PRIVATE LIMITED	Director	24-10-11	24-10-11	Active	NO
15	U19200KL2011PTC029663	VKC FOOTPRINTS GLOBAL PRIVATE LIMITED	Director	25-10-11	25-10-11	Active	NO

Name :	Mr. Mammed Koya VKC
Designation :	Director
Address :	Prabha Kodinattumukku, PO Olavanna, Kozhikode-673025, Kerala, India
Date of Birth/Age :	03.10.1940
Date of Appointment :	29.06.2009
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	13-05-94	13-05-94	-	Active	NO
2	U19201KL2002PTC015170	CALIFER FOOTCARE (INDIA) PRIVATE LIMITED	Director	06-06-08	09-01-02	10-10-08	Active	NO
3	U25191KL2002PTC015519	VEEKESY RUBBER INDUSTRIES PRIVATE LIMITED	Director	05-07-02	05-07-02	-	Active	NO
4	U19201KL2005PTC018011	DIMESCO FOOTCARE INDIA PRIVATE LIMITED	Director	19-03-05	19-03-05	-	Active	NO
5	U45309KL1961SGC001937	KERALA STATE INDUSTRIAL DEVELOPMENT CORPN LIMITED	Director	14-05-07	14-05-07	-	Active	NO
6	U91990KL2002NPL015838	NORKA-ROOTS (SEC 25 COMPANY)	Director	18-08-07	18-08-07	29-08-11	Active	NO
7	U25199KL1998PTC012185	VEEKESY ELASTOMERS PRIVATE LIMITED	Director	29-09-07	29-09-07	-	Active	NO
8	U45200KL2007PLC021389	BUILDCON CONSTRUCTION COMPANY LIMITED	Director	19-12-07	09-11-07	-	Active	NO
9	U91110KL1931NPL001527	THE MALABAR CHAMBER OF COMMERCE	Director	25-09-08	25-09-08	12-11-10	Active	NO
10	U19201KL2004PTC017111	DIADORA SHOES PRIVATE LIMITED	Director	30-09-08	30-09-08	-	Active	NO
11	U19202KL2002PTC015715	SLIPONS INDIA PRIVATE LIMITED	Director	30-09-08	30-09-08	-	Active	NO
12	U65929KL1975SGC002736	KERALA SMALL INDUSTRIES DEVELOPMENT CORPORATION LIMITED	Director	20-11-08	20-11-08	18-10-11	Active	YES
13	U19201KA2008PTC048381	VEEKESY SANDALS (INDIA) PRIVATE LIMITED	Director	21-11-08	21-11-08	-	Active	NO
14	U24134KL1996PTC009856	VEEKESY POLYMERS PRIVATE LIMITED	Director	29-06-09	29-06-09	-	Active	NO
15	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Director	03-08-09	03-08-09	-	Active	NO
16	U19202KL2006PTC019643	SMARTAK FOOTCARE PRIVATE LIMITED	Director	18-08-10	09-09-09	-	Active	NO
17	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	29-09-09	29-09-09	-	Active	NO
18	U19201TZ2004PTC011325	FERRARI SHOES INDIA PRIVATE LIMITED	Director	29-09-09	29-09-09	-	Active	NO
19	U67110KL2009PLC025082	AL BARAKAH FINANCIAL SERVICES LIMITED	Director	23-05-11	30-11-09	-	Active	NO
20	U19200KL2010PTC025679	VEEKESY SHOES AND ALLIED PRODUCTS INDIA PRIVATE LIMITED	Director	13-03-10	13-03-10	-	Active	NO
21	U19200KL2010PTC026340	VKC FOOTWEAR INTERNATIONAL PRIVATE LIMITED	Director	13-07-10	13-07-10	-	Active	NO
22	U19200KL2010PTC026934	VKC FOOTSTEPS (INDIA) PRIVATE LIMITED	Director	28-10-10	28-10-10	-	Active	NO
23	U15400KL2011PTC027626	MALABAR MEGA FOOD PARK PRIVATE LIMITED	Director	09-02-11	09-02-11	-	Active	NO
24	U19200KL2011PTC029663	VKC FOOTPRINTS GLOBAL PRIVATE LIMITED	Director	25-10-11	25-10-11	-	Active	NO

Name :	Mr. Gopalan Mallissery
Designation :	Director
Address :	Mallissery House, Karuvanthiruthy, Feroke, Kozhikode-673643, Kerala, India
Date of Birth/Age :	15.12.1939
Date of Appointment :	02.05.2002
DIN No.:	00536780

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	U24134KL1996PTC009856	VEEKESY POLYMERS PRIVATE LIMITED	Director	02-05-02	02-05-02	-	Active	NO
2	U18104KL2002PTC015839	SANDLON TECHNOLOGIES PRIVATE LIMITED	Director	04-01-03	04-01-03	29-09-09	Active	NO

Name :	Mr. Veluthedath Mohammed Kutty
Designation :	Director
Address :	Veluthedath, PO Kolathara, Cheruvannur, Kozhikode-673655, Kerala, India
Date of Birth/Age :	15.07.1947
Date of Appointment :	29.06.2009
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	17-09-10	25-09-00	Active	NO
2	U25191KL2002PTC015519	VEEKESY RUBBER INDUSTRIES PRIVATE LIMITED	Director	29-09-07	29-09-07	Active	NO
3	U24134KL1996PTC009856	VEEKESY POLYMERS PRIVATE LIMITED	Director	29-06-09	29-06-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.09.2011

Names of Shareholders	No. of Shares
VKC Mohammed Koya	32500
V. mohammed	10000
V. Noushad	85000
V. Mohammed Kutty	40000
V. Abdul Razak	70000
V. Selmabi	10000
K. M. Hameed Ali	20000
K. Ummer Farook	10000
V. Mumthaz	10000
V. Fathimbi	15000
M Gopalan	10000
V Kunhali	5000
V Ithan Kutty	5000
A Jamccla	5000
N K Shamsudheen	5000
V Mohammed Abdul Kareem	4000
M Kunhali	2500
V Mohammed Abdul Raheem	2500
K Mohammed Ashraf	2500
V Mujeeh Rahiman	1000
V Suharabhi	2500
V Jameela	10000
V Jashifa	5000
V Shafija	5000
M T Sakeer	10000
V Rafeeque	20000
M Bichimariya	2500
Total	400000

AS ON 21.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	88.75
Other top fifty shareholders	11.25
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Ladies Footwear, Gents Footwear, Sandal, Slippers, Shoes

Products :

ITC CODE	PRODUCTS
6402.19.90	Plastic Footwear
6402.20.90	Footwear with upper Strap

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Footwear	Pairs	2260000	4628000	3071970

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

· State Bank of Travancore

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Financial Institution	20.482	13.715
From Banks
Federal Bank Loan A/c	5.545	0.000
State Bank of Travancore – Car Loan A/c	0.310	0.000
SBT CC A/c	12.410	6.934
Total	38.747	20.649
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	3.000	2.422
From Shareholders	0.000	2.101
Total	3.000	4.523

Banking Relations :	--
Financial Institution :	Kerala Financial Corporation, Malabar Palace, GH Road, Kozhikode-673001, Kerala, India
Auditors :
Name :	M. V. Venugoapl Chartered Accountant
Address :	6/1125, Cherooty Road, Calicut-673032, Kerala, India
Pan No.:	ABOPV6220G
Enterprises in which K M P are interested :	· Dimesco Footcare India Private Limited · Ferrari Shoes (India) Private Limited · Kairali Sales Corporation · Veekesy Elastomers Private Limited · Veekesy Rubber Industries Private Limited · Ferrero Vinyl Technologies Private Limited · Caltech Polymers Private Limited · Diadora Shoes Private Limited · Veekesy Charitable Foundation Trust · Morbid Vinyl Private Limited · Smartek Footcare Private Limited · Slipons India Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs. 4.000 Millions

Note: Of the above 180000 shares of Rs. 10/- each were allotted as fully paid up pursuant to agreement dated 16.07.1997, without 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		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		40.603	29.370	18.086
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.603	33.370	22.086
LOAN FUNDS
1] Secured Loans		38.747	20.649	16.364
2] Unsecured Loans		3.000	4.523	3.500
TOTAL BORROWING		41.747	25.172	19.864
DEFERRED TAX LIABILITIES		3.643	2.596	2.238
TOTAL		89.993	61.138	44.188
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		64.572	47.746	43.362
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.316	15.264	12.413
	Sundry Debtors	17.831	7.601	3.972
	Cash & Bank Balances	0.753	0.872	0.409
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.551	6.068	2.622
Total Current Assets		56.451	29.805	19.416
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.409	11.904	10.126
	Other Current Liabilities	2.673	1.537	1.193
	Provisions	4.948	2.972	7.271
Total Current Liabilities		31.030	16.413	18.590
Net Current Assets		25.421	13.392	0.826
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		89.993	61.138	44.188

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	312.931	174.600	137.443
		Other Income	13.554	1.760	2.338
		TOTAL (A)	326.485	176.360	139.781
Less	EXPENSES
		Material Consumed		108.210	89.415
		Manufacturing Expenses		16.935	9.907
		Salary and Other Employees Benefits	295.779	4.299	2.927
		Repairs and Maintenance		1.097	2.393
		Administrative Expenses		3.230	2.114
		Selling and Distribution Expenses		14.922	12.365
		Increase / (Decrease) in stock		(0.821)	(1.659)
		TOTAL (B)	295.779	147.872	117.462
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.706	28.488	22.319
Less	FINANCIAL EXPENSES (D)		4.715	2.823	1.169
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.991	25.665	21.150
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.683	8.067	5.409
	PROFIT BEFORE TAX (E-F) (G)		15.308	17.598	15.741
Less	TAX (H)		4.198	(6.313)	(5.643)
	PROFIT AFTER TAX (G-H) (I)		11.110	11.285	10.098
Less	IT Adjustment		NA	0.001	0.003
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	13.056	10.960
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	0.000	1.010
		Interim Dividend	NA	0.000	2.000
		Tax on Interim Dividend	NA	0.000	0.309
		Proposed Final Dividend	NA	0.000	4.000
		Tax on Final Dividend	NA	0.000	0.680
	BALANCE CARRIED TO THE B/S		NA	24.340	13.056
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	8.898	0.910	NA
	TOTAL EARNINGS		8.898	0.910	NA
	IMPORTS
		Capital Goods	91.249	6.242	NA
	TOTAL IMPORTS		91.249	6.242	NA
	Earnings Per Share (Rs.)		28.08	28.21	25.24

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.40	6.40	7.22
Net Profit Margin (PBT/Sales)	(%)	4.89	10.08	11.45
Return on Total Assets (PBT/Total Assets}	(%)	12.65	22.69	25.07
Return on Investment (ROI) (PBT/Networth)		0.34	0.53	0.71
Debt Equity Ratio (Total Liability/Networth)		1.71	1.32	1.84
Current Ratio (Current Asset/Current Liability)		1.82	1.82	1.04

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U24134KL1996PTC009856
Name of the company	VEEKESY POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	6/1, Ramanattukara, Ramanattukara Post Office, Kozhikode-673633, Kerala
This form is for	Modification of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Kerala Financial Corporation, Malabar Palace, GH Road, Kozhikode-673001, Kerala, India
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	30.09.2011
Amount secured by the charge	Rs. 16.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 14.5% Terms of repayment Repayable in 60 monthly installments commencing at the end of 6th month of drawal of the1st installment of Term Loan Margin 37.08% Extent and operation of the charge The above charge operates as security for the due repayment of principal and payment of interest
Short particulars of the property charged (Including location of the property)	All the Plant and Machineries, spares, tools and accessories and other movables present and future.
Charge identification number of the charge to be modified	10312370
Date of instrument modifying the charge	29.09.2011
Particulars of the present modification	By virtue of present modification the company hypothecated movable machineries, spares, tools and accessories and other movables present and future as additional security for the term loan.

FIXED ASSETS

· Goodwill

· Land

· Building

· Flat

· Machinery

· Mould

· Office Equipments

· Electrical Fittings

· Furniture

· Working Tables and Baskets

· Tools and Stores

· Well

· Delivery Van

· Generator

· Motor Car

· 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 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. 51.39
UK Pound	1	Rs. 80.20
Euro	1	Rs. 68.92

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	YES
--AFFILIATION	YES/NO	NO
--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.