MIRA INFORM REPORT

Report Date :

12.11.2011

IDENTIFICATION DETAILS

Name :	WESTERN INDIA CASHEW COMPANY PRIVATE LIMITED
Registered Office :	No.88, R. P. Towers, Coimbatore Road, Pllachi, Coimbatore-642002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.05.2000
Com. Reg. No.:	18-009341
Capital Investment/ Paid-up Capital:	Rs.96.000 millions
CIN No.: [Company Identification No.]	U01119TZ2000PTC009341
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturers and Exporters of cashews, kernels, nuts, bits, wholes in bulk and retail for food ingredients in bakery, snacks etc.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Financial position of the company in improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with slight cautions.

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 :	No. 88, R.P Towers, Coimbatore Road, Pollachi, Coimbatore District- 642002, Tamilnadu, India
Tel. No.:	91-4259-220162
Fax No.:	91-4259-221789
E-Mail :	finance@wenders.com

DIRECTORS

(AS ON 29.09.2010)

Name :

Mr. Krishna Pillai Rajendranathan Nair

Designation :

Director

Address :

Sangam, Beach Road, Kollam-691001, Kerala, India

Date of Birth/Age :

22.11.1942

Date of Appointment :

31.12.2004

DIN No :

00052953

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	U01119TZ2000PTC009341	Western India Cashew Company Private Limited	Director	17/05/2000	17/05/2000	-	Active	NO
2	U55101KL2000PTC014246	Prasanthi Hotels Quilon Private Limited	Director	9/10/2000	9/10/2000	-	Active	NO

Name :

Mr. Rajendranathan Nair Harikrishnan

Designation :

Director

Address :

Sangam, Beach Road, Kollam-691001, Kerala, India

Date of Birth/Age :

30.10.1967

Date of Appointment :

29.09.2003

DIN No :

00051266

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	U15127KL1997PTC011602	Wender S Foods Private Limited	Managing director	4/7/1997	4/7/1997	-	Active	NO
2	U91200KL1940NPL001053	South India Cashewnut Manufacturers Association	Director	17/05/2000	17/05/2000	-	Active	NO
3	U01119TZ2000PTC009341	Western India Cashew Company Private Limited	Director	17/05/2000	17/05/2000	-	Active	NO
4	U55101KL2000PTC014246	Prasanthi Hotels Quilon Private Limited	Director	9/10/2000	9/10/2000	-	Active	NO
5	U15493KL2001PTC015055	Charummood Cashew Factory Private Limited	Director	7/11/2001	7/11/2001	-	Active	NO
6	U74999KL1955NPL000300	Cashew Export Promotion Council Of India	Director	8/9/2004	8/9/2004	-	Active	NO
7	U01119TZ2005PTC011940	Wender S Cashews India Private Limited	Director	29/06/2005	29/06/2005	-	Active	NO
8	U91990KL2008NPL022913	Foundation For Entrepreneurial Development (Kerala)	Director	5/8/2008	5/8/2008	-	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
K. Rajendranathan Nair	8200442
Harikrishnan R Nair	1399258
Wenders Foods (Private) Limited, India	100
Prasanthi Hotels (Private) Limited, India	100
Charummood Cashew Factory (Private) Limited, India	100
Total	9600000

Equity Share Breakup

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of cashews, kernels, nuts, bits, wholes in bulk and retail for food ingredients in bakery, snacks etc.

GENERAL INFORMATION

No. of Employees :

Not available

Bankers :

· Small Industries Development Bank of India, 2^nd Floor Finnce Towers, Kaloor, Kochi-682017, Kerala, India

· Satte Bank of India, Commercial Branch, T. D. Complex Chanakkada, Kollam-691001, Kerala, India

Facilities :

(Rs. in millions)

Secured Loans	As on 31.03.2010	As op 31.03.2009
Working Capital Loans:
Packing credit/ Preshipment credit facility from :
State Bank of India (SBI)	254.186	199.974
Bank SBI PCFC 24701	2.694	0.000
Term Loan from:
Small Industries Development Bank of India (SIDBI)	15.000	4.770
Total	271.880	204.744

Banking Relations :	--
Auditors :
Name :	Rangamani and Company Chartered Accountants
Address :	4B, Oxford Business Centra, Ravipuram, Kochi-682016, Kerala, India
Income-tax PAN of auditor or auditor’s firm :	AAKFR6558G
Companies/firms in which Promoters/Key Managerial Personnel have substantial Interest :	· Wenders Foods (Private) Limited · Prasanthi Hotels Quilon (Private) Limited · Charumood Quilon (Private) Limited · Wenders Cashew India (Private) Limited

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
9600000	Equity Share	Rs.10/- each	Rs.96.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9600000	Equity Share	Rs.10/- each	Rs.96.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		96.000	96.000	93.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		19.369	3.716	0.988
4] (Accumulated Losses)		0.000	0.0000	(32.869)
NETWORTH		115.369	99.716	61.619
LOAN FUNDS
1] Secured Loans		271.880	204.744	172.695
2] Hire Purchase Finance		0.000	0.019	0.413
TOTAL BORROWING		271.880	204.763	173.108
DEFERRED TAX LIABILITIES		0.959	0.000	0.288
TOTAL		388.208	304.479	235.015
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		96.149	72.563	74.933
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.003	0.650	0.793
DEFERREX TAX ASSETS		0.000	0.614	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	66.537	49.888	95.870
	Sundry Debtors	78.368	64.413	38.209
	Cash & Bank Balances	76.262	52.101	60.574
	Loans & Advances	88.385	83.238	80.282
	Interest accrued on deposits	0.071	0.146	0.065
Total Current Assets		309.623	249.786	275.000
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	10.550	2.408	69.187
	Other Current Liabilities	0.768	5.705	38.475
	Provisions	6.726	11.736	9.002
Total Current Liabilities		18.044	19.849	116.664
Net Current Assets		291.579	229.937	158.336
MISCELLANEOUS EXPENSES		0.477	0.715	0.953
TOTAL		388.208	304.479	235.015

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
TURNOVER		894.200	1100.000	700.000
Profit/(Loss) After Tax		20.100	40.000	31.500
Earnings in Foreign Currency :
	Export of cashew kernels	502.354	776.962	271.936
	Export of macadamia kernels	27.847	0.000	0.000
	Commission Received	0.000	0.000	2.542
	Profit on sale of investment	0.000	0.000	0.000
	Consultancy charges	0.000	0.000	7.915
	Claims on import	3.986	1.555	0.071
	Sale of samples	0.000	0.000	0.041
Total Earnings		534.187	778.517	282.505
Imports :
	Raw Materials	310.126	285.554	383.002
Total Imports		310.126	285.554	383.002
Earnings Per Share (Rs.)		1.63	4.53	4.01

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	2.51	2.25	4.70
Current Ratio (Current Asset/Current Liability)	17.16	12.58	2.36

LOCAL AGENCY FURTHER INFORMATION

PROGRESS ON THE BUSINESS FRONT:

The Company processed and exported cashew kernels during the year. The Company was able to do turnover of Rs.894.200 millions. The business generated a net profit of Rs.20.100 during the year.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE ACCOUNTS:

a) Bills discounted but not realized as on 31.03.2010 amount to Rs.11.498 millions. (Previous year: Rs.17.166 millions)

b) Deposit with Government authorities include deposits with sales tax authorities Rs.2.622 millions (Previous year: Rs.2.622 millions)

c) Balance with schedule Banks ij deposits account include deposits against guarantee issued by banks Rs.0.064 millions (Previous year: Rs.0.059 millions) and deposits against FLCs issued by Banks Rs.0.252 millions (Previous year: Rs.6.761 millions)

FORM 8:

Corporate identity number of the company	U01119TZ2000PTC009341
Name of the company	WESTERN INDIA CASHEW COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 88, R.P Towers, Coimbatore Road, Pollachi, Coimbatore District- 642002, Tamilnadu, India. E-Mail Id: finance@wenders.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	90009074
Type of charge	· Immovable property · Book debts · Movable property
Particular of charge holder	State Bank of India, Commercial Branch, T.D Complex, Chamakada, Kollam- 691001, Kerala, India E-Mail: mahesh.o.m@sbi.co.in
Nature of instrument creating charge	1. Supplemental agreement of hypothecation of goods and assets for increase in overall limit 2. Supplemental agreement of loan for increase in the overall limit. 3. Letter regarding the grant of individuals limit within the overall limits. 4. Six Letter depositing title deeds
Date of instrument Creating the charge	25.05.2011
Amount secured by the charge	Rs.530.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	a) Rate of Interest As decided and agreed upon from time to time. b) Term of Repayment Repayable on demand c) Margin 10% on stocks and receivables. Nil on export receivables. d) Extent and operation of the charge The company had earlier on 18.07.2009 charged its assets in favour of the charge holder for various working capital borrowings for an amount of Rs.325.000 millions. The same assets as well as additional assets now gets charged to the charge holder for n increased amount of Rs.530.000 millions.
Short Particulars of the property charged	1.Hypothecation of current assets (both present and future) 2. Extension of mortgage for the total limits of Rs.530.000 millions on 19.30 ares of property with building in survey no.493/18 and 493/8 in kulasekarapuram village of kollam district. 3. Extension of mortgage for the total limits of Rs.530.000 millions on 164 cents of property with building in survey no. 718/1, and 717/10 in Tiruvattar village of kanyakumari district. 4. Extension of mortgage for the total limits of Rs.530.000 millions on 42.80 ares of property with building in survey no. 493/1-2 in Kulasekarapuram village of kollam district. 5. Extension of mortgage for the total limits of Rs.325.000 millions on 141 cebts of property with building in survey no.374/1, in Tiruvithamcode village of Kanyakumari district 6. Extension of mortgage for the total limits of Rs.530.000 millions on 15.51 ares of property with building in survey no. 493/1, 488/6-2 and 493/17 in kulasekarapuram village of kollam district 7. Extension of mortgage for the total limits of Rs.530.000 millions on 50 cents of property with building in survey no. 141/2-3 in Mundakal village of Kollam district.
Date of instrument modifying the charge	18.07.2009
Particulars of the present modification	All the properties of the company which were earlier charged to the charge holder for an amount of Rs.325.000 millions would now be extended for an amount of Rs.530.000 millions.

FIXED ASSETS:

· Land

· Building

· Computer and Accessories

· Electrical Fittings

· Furniture Equipments

· Plant and Machinery

· Office Equipments

· Vehicles

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.50.28
UK Pound	1	Rs.80.07
Euro	1	Rs.68.45

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		32

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.