MIRA INFORM REPORT

Report Date :

07.12.2011

IDENTIFICATION DETAILS

Name :	VIKING RUBBERS PRIVATE LIMITED
Registered Office :	Matha Shopping Arcadethodupuzha P O, Idukki – 685584, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.02.1976
Com. Reg. No.:	09-002764
Capital Investment / Paid-up Capital :	Rs.2.302 Millions
CIN No.: [Company Identification No.]	U19202KL1976PTC002764
TAN No.: [Tax Deduction & Collection Account No.]	CHNV00106B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Wholesaler of Rubber and Plastic Footwear.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 107000
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 :	Matha Shopping Arcadethodupuzha P. O., Idukki - 685 584, Kerala, India
Tel. No.:	91-486-2222474
Fax No.:	91-486-2223540
E-Mail :	lunars@sify.com lunars@satyam.net.in
Corporate Office :	5/37/8 Velanthavalam Road, Ka Ka Chavadi, Coimbatore-641 105, Tamilnadu, India
Tel. No.:	91- 422 - 2656271

DIRECTORS

As on 29.09.2011

Name :

Marykutty Isac

Designation :

Whole-time Director

Address :

Kottukappilly House, Mrala P O, Thodupuzha, Idukki – 685587, Kerala, India

Date of Birth/Age :

30.03.1953

Date of Appointment :

16.07.1987

DIN No.:

00415281

Other Directorship :

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
U19202KL1976PTC002764	Viking Rubbers Private Limited	Whole-time director	19/11/2010	16/07/1987	-	Active	NO

Name :

Mr. Joseph Thomas Thuruthumalil

Designation :

Director

Address :

Thuruthumalil House, Kidangara P O, Changanachery, Alappuzha – 686101, Kerala, India

Date of Birth/Age :

05.05.1953

Date of Appointment :

20.02.1976

DIN No.:

00437741

Name :

Reethamma Kuncheria

Designation :

Director

Address :

Kottukappilly House, Olamattam, Thodupuzha, Idukki – 685584, Kerala, India

Date of Birth/Age :

06.10.1949

Date of Appointment :

30.09.2002

DIN No.:

00415336

Name :

Kuttichan Kuriakose Nadackal

Designation :

Director

Address :

Nadakkal Mundakkayam, Kottayam – 686513, Kerala, India

Date of Birth/Age :

01.10.1955

Date of Appointment :

29.09.1998

DIN No.:

00415229

Other Directorship :

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
U25199KL1993PTC006904	Lunar Rubbers Private Limited	Director	7/01/1993	7/01/1993	-	Active	NO
U19202KL1995PTC008900	Neo Rubber Footcrafts Private Limited	Managing director	10/04/1995	10/04/1995	18/06/2007	Active	NO
U19202KL1976PTC002764	Viking Rubbers Private Limited	Director	29/09/1998	29/09/1998	-	Active	NO
U24134KL2006PTC019112	Kovai Polymers Private Limited	Director	25/01/2006	25/01/2006	-	Active	NO
U24134KL2009PTC025046	Footmate Polymer Footwears India Private Limited	Director	19/11/2009	19/11/2009	-	Active	NO

Name :

Sali James

Designation :

Director

Address :

Panachikkal House, Vellikkulangara, Thrissur – 680687, Kerala, India

Date of Birth/Age :

01.01.1960

Date of Appointment :

29.09.1998

DIN No.:

00438217

Name :

Kurian Kuruvilla Pazhedathu

Designation :

Director

Address :

Pazhayidathu House, Anchiri P O, Thodupuzha, Idukki – 685585, Kerala, India

Date of Birth/Age :

17.11.1940

Date of Appointment :

20.02.1976

DIN No.:

00415264

Other Directorship :

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
U19202KL1976PTC002764	Viking Rubbers Private Ltd	Director	20/02/1976	20/02/1976	-	Active	NO
U55102KL1996PTC010704	Green Berg Holiday Resorts Private Limited	Director	22/10/1999	22/10/1999	-	Active	NO
U51312KL2003PTC016551	Lunar Exports Private Limited	Director	2/04/2004	2/04/2004	-	Active	NO
U25209KL2005PTC018633	Polymer Kerala Private Limited	Director	8/09/2005	8/09/2005	-	Active	NO
U72200KL2000PLC014239	IPSR Solutions Limited	Director	15/12/2005	15/12/2005	-	Active	NO
U19200KA2009PTC050301	Foottech Polymers (India) Private Limited	Director	2/07/2009	2/07/2009	-	Active	NO

Name :

Jess Isac

Designation :

Managing Director

Address :

Kottukappilly House, Mrala P O, Thodupuzha, Idukki – 685587, Kerala, India

Date of Birth/Age :

17.12.1980

Date of Appointment :

06.11.2009

DIN No.:

00548694

Other Directorship :

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
U19202KL1995PTC008900	Neo Rubber Footcrafts Private Limited	Managing director	18/06/2007	18/06/2007	-	Active	NO
U72200KL2000PLC014239	IPSR Solutions Limited	Director	29/09/2009	10/11/2008	-	Active	NO
U19200KA2009PTC050301	Foottech Polymers (India) Private Limited	Director	2/07/2009	2/07/2009	-	Active	NO
U19202KL1976PTC002764	Viking Rubbers Private Limited	Managing director	19/11/2010	6/11/2009	-	Active	NO
U24134KL2009PTC025046	Footmate Polymer Footwears India Private Limited	Director	29/09/2010	7/12/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Kottukappilly Joseph Isac	385
Pazhedath Kuruvilla Kurian	139
Kottukappilly Joseph Kuncheria	96
Thuruthmalil Oommen Josepph	148
Panachickal Chacko Wilson	120
Panachickal Chacko Robin	24
Panachickal Chacko Agil	18
Rockview Nadackal Kuriakose Kuttichen	247
Nadackal Kuriakose Jose	69
Panachickal Chacko James	181
Panachickal Abraham Binil	46
Myladoor Thomas Jose	19
Kottukappilly Isac Marykutty	203
Kottukappilly Isac Juby	658
Kottukappilly Isac Juley	102
Kottukappilly Keuncheria Reethamma	107
Kottukappilly Keuncheria Deepa	38
Panachickal Chacko Jose	68
Nadackal Kuriakose Vincent	218
Pazhedath Kurian Elzy	97
Panachickal Sebastian Deenamma	46
Panachickal Abraham Marykutty	52
Koottukappilly Kuncheria Dilip	101
Kottukappilly Isac Jess	639

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Wholesaler of Rubber and Plastic Footwear.

Products :

Item Code No. (ITC Code)	Product Description
6401	Footwear

· Packing Material

· Rubber and Plastic Footwear

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
Footwear Manufactured	Pairs	2888065

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Syndicate Bank, Thodupuzha Branch, Thodupuzha – 685584, Kerala, India

· Dhanalakshmi Bank Limited, Industrial Branch, Ernakulam, Kerala, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan – From Banks (Secured by the hypothecation of assets acquired out of Term Loan)	5.959	7.402
Cash Credit – From Banks (Secured by the equitable mortgage of 11.727 cents of land belonging to the company and further secured by the hypothecation of Stock in trade and book debts, Mrs. Marykutty Issac and Mr. P. K. Kurian, the directors of the company in their personal capacity have guaranteed the loan)	15.812	16.594
Total	21.771	23.996
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	1.188	1.238
Total	1.188	1.238

Banking Relations :	--
Auditors :
Name :	S R Mohan and Company Chartered Accountants
Address :	1^st Floor, Modarchs Centre, 27/935 – B, Panampilly Nagar, Kochi – 682036, Kerala, India
Tel. No.:	91-484-2324062/ 2324071/ 4012311/ 14
Fax No.:	91-484-2324071
E-Mail :	srmandcocochi@gmail.com
PAN.:	AAGFS7353G
Entities where Key Management personnel or their relatives has significant influence :	· Lunar Rubber Private Limited · Lunar Exports Private Limited · Utham Rubbers Private Limited · Footcare Rubber Industries Private Limited · Polymer Kerala Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000	Equity Shares	Rs.500/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4604	Equity Shares	Rs.500/- each	Rs.2.302 Millions

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		2.302	2.302	2.302
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.487	22.736	18.003
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.789	25.038	20.305
LOAN FUNDS
1] Secured Loans		21.771	23.996	14.141
2] Unsecured Loans		1.188	1.238	1.667
TOTAL BORROWING		22.959	25.234	15.808
DEFERRED TAX LIABILITIES		0.080	0.176	0.119
TOTAL		49.828	50.448	36.232
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.424	23.686	14.052
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.950	2.950	2.250
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.075	11.277	11.930
	Sundry Debtors	26.194	18.604	15.972
	Cash & Bank Balances	1.683	2.219	2.754
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.933	2.904	3.319
Total Current Assets		55.885	35.004	33.975
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.540	4.940	5.782
	Current Liabilities	3.415	2.564	5.812
	Provisions	2.476	3.688	2.451
Total Current Liabilities		32.431	11.192	14.045
Net Current Assets		23.454	23.812	19.930
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		49.828	50.448	36.232

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	160.926	150.000	140.273
		Other Income	3.086	2.029	1.502
		TOTAL	164.012	152.029	141.775
Less	EXPENSES
		Office Expenses
		Administrative Expenses	160.856	144.392	137.686
		Advertising Expenses
		Financial Expenses
		Depreciation
		TOTAL	160.856	144.392	137.686
	PROFIT BEFORE TAX		3.156	7.637	4.089
Less	TAX		1.004	2.500	1.363
	PROFIT AFTER TAX		2.152	5.137	2.726
Less	APPROPRIATIONS
		Dividend	0.402	0.404	0.403
	BALANCE CARRIED TO THE B/S		1.750	4.733	2.323
	IMPORTS
		CIF value of Imports	0.124	1.508	4.552
	TOTAL IMPORTS		0.124	1.508	4.552
	Earnings Per Share (Rs.)		467.41	1115.76	592.09

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.31	3.37	1.92
Net Profit Margin (PBT/Sales)	(%)	1.96	5.09	2.91
Return on Total Assets (PBT/Total Assets}	(%)	3.97	13.01	8.51
Return on Investment (ROI) (PBT/Networth)		0.11	0.30	0.20
Debt Equity Ratio (Total Liability/Networth)		2.06	1.45	1.47
Current Ratio (Current Asset/Current Liability)		1.72	3.12	2.42

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U19202KL1976PTC002764
Name of the company	VIKING RUBBERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Matha Shopping, Arcadethodupuzha P O, Idukki - 685584, Kerala, India Email Id : lunars@sify.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10075342
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Syndicate Bank, Thodupuzha Branch, Prakash Building, Thodupuzha – 685584, Kerala, India Email Id : info@lunars.com
Nature of instrument creating charge	1.Composite Hypothecation Agreement dated 6.6.2011 2.Confirmation of creation of Second/subsequent equitable mortgage dated 6.6.2011
Date of instrument Creating the charge	06.06.2011
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest rate 12.5% being 2.5% over and above Syndicate Bank's Base rate raising or falling therewith from time to time with calender monthly/quarterly rest Terms of repayment As per the terms of agreement Margin As per the terms of agreement Extent and operation of the charge a. Hypothecation of all goods and other movable property of any kind, plant, machinery, fixtures, implements, fittings and other installations, furniture, vehicles, computers and other articles and things b. Hypothecation of all present and future book debts, outstanding monies, receivables, claims, investments and other assets c. Equitable mortgage of 248.29 square metres of land in Sy No.606/3 and 606/2 and 2.26 Ares of land in Sy No.606/3 in Thodupuzha Village and improvement thereon
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all goods and other movable property of any kind, plant, machinery, fixtures, implements, fittings and other installations, furniture, vehicles, computers and other articles and the Hypothecation of all present and future book debts, outstanding monies, receivables, claims, investments and other assets Equitable mortgage of 248.29 square metres of land in Sy No.606/3 and 606/2 and 2.26 Ares of land in Sy No.606/3 in Thodupuzha Village and improvement thereon
Date of instrument modifying the charge	11.12.2008
Particulars of the present modification	1. Limit Enhanced from Rs.15.000 Millions to Rs.20.000 Millions including Import LC sub limit of Rs.2.500 Millions and CDD sub limit of Rs.1.000 Millions) 2.Security of movable and immovable assets, book debts extended to the enhanced limit of Rs.20.000 Millions

FIXED ASSETS:

· Land

· Land Olamattam

· Land and Building

· Building

· Machineries

· Equipments and Moulds

· Water Tank

· Electrical Fittings

· Furniture and Fittings

· Weighing Balance

· Fire Equipments

· Typewriter

· Generator

· Air Conditioner

· Computer

· Library Books

· Mobile Phones

· Maruthi Omni

· UPS

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	6
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.