MIRA INFORM REPORT

Report Date :

28.08.2012

IDENTIFICATION DETAILS

Name :	A.V.THOMAS EXPORTS LIMITED
Registered Office :	22, Marshalls Road, Egmore, Chennai - 600008, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.05.1984
Com. Reg. No.:	18-010850
Capital Investment / Paid-up Capital :	Rs.1.800 Millions
CIN No.: [Company Identification No.]	U74999TN1984PLC010850
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Leather Goods
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 23000
Status :	Small Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively small company in its field. Its scale of activities are finite. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Krishna Moorthi
Designation :	Account Manager
Contact No.:	91-9600069067
Date :	25.08.2012

LOCATIONS

Registered Office :	22, Marshalls Road, Egmore, Chennai - 600008, Tamil Nadu, India
Tel. No.:	91-44-28553248
Mobile No.:	91-9600069067 (Mr. Krishna Moorthi)
Fax No.:	91-44-28553248
E-Mail :	avt@avtleather.com

DIRECTORS

As on 26.09.2011

Name :

Mr. Ajit Thomas

Designation :

Director

Address :

24, Vijayaraghava Road, T. Nagar, Chennai – 600017, Tamil Nadu, India

Date of Birth/Age :

07.06.1954

Date of Appointment :

02.07.2004

DIN No.:

00018691

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18209TN1977PTC007377	A V THOMAS LEATHER & ALLIED PRODUCTS PRIVATE LIMITED	Director	21/09/1977	21/09/1977	-	Active	NO
2	L51102TN1941PLC000023	A.V.THOMAS INTERNATIONAL LIMITED.	Director	27/09/1978	27/09/1978	29/01/2010	Active	NO
3	L51109KL1935PLC000024	A V THOMAS AND CO LTD	Whole-time director	01/02/2010	27/09/1978	-	Active	NO
4	U67120TN1976PLC007167	A V THOMAS INVESTMENTS CO LTD	Director	25/06/1980	25/06/1980	-	Active	NO
5	L01117TZ1943PLC000117	NEELAMALAI AGRO INDUSTRIES LIMITED	Director	31/01/2010	18/07/1980	-	Active	NO
6	U25199KL1984PLC013414	MIDLAND LATEX PRODUCTS LIMITED	Director	11/07/1984	11/07/1984	-	Active	NO
7	L15142TN1986PLC012780	AVT NATURAL PRODUCTS LIMITED	Director	12/03/1986	12/03/1986	-	Active	NO
8	L01132KL1943PLC000782	THE NELLIAMPATHY TEA AND PRODUCE COMPANY LIMITED	Director	31/07/2011	18/08/1989	-	Active	NO
9	L25191KL1937PLC000691	MIDLAND RUBBER AND PRODUCE CO LTD	Director	31/07/2010	20/03/1991	-	Active	NO
10	U33112TN1993PTC026049	TELEFLEX MEDICAL PRIVATE LIMITED	Director	18/11/1993	18/11/1993	-	Active	NO
11	U51225TN1993PTC026433	AVT MCCORMICK INGREDIENTS PRIVATE LIMITED	Director	22/12/1993	22/12/1993	-	Active	NO
12	U74900TN2000PTC044810	AVT HOLDINGS PRIVATE LIMITED	Director	25/04/2001	25/04/2001	-	Active	NO
13	U29119TN2002PTC048352	SERMATECH PRIVATE LIMITED	Director	25/01/2002	25/01/2002	29/01/2010	Active	NO
14	U74999TN1984PLC010850	A.V.THOMAS EXPORTS LIMMITTED.	Director	02/07/2004	02/07/2004	-	Active	NO
15	U72300TN1999PTC043754	IQ TECH PRIVATE LIMITED	Director	05/08/2004	05/08/2004	29/01/2010	Active	NO
16	U67120TN2005PTC055674	AJIT THOMAS HOLDINGS PRIVATE LIMITED	Director	16/03/2005	16/03/2005	-	Active	NO
17	U65993TN2005PTC055807	MIDLAND CORPORATE ADVISORY SERVICES PRIVATE LIMITED	Director	30/03/2005	30/03/2005	-	Active	NO
18	U65993MH1996PLC211198	L&T MUTUAL FUND TRUSTEE LIMITED	Director	06/07/2006	06/07/2006	16/06/2010	Active	NO
19	U72200TN2003PTC051522	TEKESSENCE SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	25/10/2007	25/10/2007	16/12/2009	Active	NO
20	U15499TN2008PTC065914	AVT GAVIA FOODS PRIVATE LIMITED	Director	02/01/2008	02/01/2008	-	Active	NO
21	L72200TN1999PLC054429	SAKSOFT LIMITED	Director	06/08/2010	31/07/2009	-	Active	NO
22	L01131TN1943PLC002723	L.J. INTERNATIONAL LIMITED	Director	29/10/2009	29/10/2009	-	Active	NO

Name :

Mr. Dilip Thomas

Designation :

Director

Address :

9, Lodikhan Street, T. Nagar, Chennai – 600017, India

Date of Birth/Age :

07.08.1958

Date of Appointment :

02.07.2004

DIN No.:

00052185

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L51102TN1941PLC000023	A.V.THOMAS INTERNATIONAL LIMITED.	Director	19/03/1984	19/03/1984	-	Active	NO
2	L51109KL1935PLC000024	A V THOMAS AND CO LTD	Director	08/09/2010	25/04/1985	-	Active	NO
3	L25191KL1937PLC000979	THE RAJAGIRI RUBBER AND PRODUCE COMPANY LIMITED	Director	25/04/1985	25/04/1985	-	Active	NO
4	L01131TN1943PLC002723	L.J. INTERNATIONAL LIMITED	Director	25/04/1985	25/04/1985	-	Active	NO
5	L01119KL1925PLC000416	THE HIGHLAND PRODUCE CO LTD	Managing director	01/04/2011	25/04/1985	-	Active	NO
6	U18209TN1977PTC007377	A V THOMAS LEATHER & ALLIED PRODUCTS PRIVATE LIMITED	Director	30/09/1987	30/09/1987	-	Active	NO
7	U67120TN1976PLC007167	A V THOMAS INVESTMENTS CO LTD	Director	21/08/1992	21/08/1992	-	Active	NO
8	U92412KA1993PTC014593	GOLFWARE (INDIA) PRIVATE LIMITED	Director	28/07/1993	28/07/1993	-	Active	NO
9	U36999TN1998PLC041346	DALP TRADING AND MANUFACTURING LIMITED	Director	30/10/1998	30/10/1998	-	Active	NO
10	L22213TN1995PLC031845	UNIVERSAL PRINT SYSTEMS LIMITED	Director	20/06/2000	20/06/2000	12/06/2008	Active	NO
11	U74999TN1984PLC010850	A.V.THOMAS EXPORTS LIMMITTED.	Director	02/07/2004	02/07/2004	-	Active	NO
12	U02021TZ2007PTC013547	AVT WOOD PRODUCTS PRIVATE LIMITED	Director	21/03/2007	21/03/2007	-	Active	NO
13	U74900DL2009PTC195499	USHA STUD AND AGRICUTURAL FARMS PRIVATE LIMITED	Director	24/06/2012	24/06/2012	-	Active	NO

Name :

Mr. Kandathil Chacko Eapen

Designation :

Director

Address :

No 2, 3^rd Street, Thirumurthy Nagar, Chennai – 600034, Tamil Nadu, India

Date of Birth/Age :

28.11.1922

Date of Appointment :

21.08.1992

DIN No.:

00556612

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999TN1984PLC010850	A.V.THOMAS EXPORTS LIMMITTED.	Director	21/08/1992	21/08/1992	-	Active	NO
2	L25191KL1937PLC000691	MIDLAND RUBBER AND PRODUCE CO LTD	Director	18/03/1998	18/03/1998	27/07/2010	Active	NO
3	L25191KL1937PLC000979	THE RAJAGIRI RUBBER AND PRODUCE COMPANY LIMITED	Director	31/05/2000	31/05/2000	-	Active	NO
4	L01117TZ1943PLC000117	NEELAMALAI AGRO INDUSTRIES LIMITED	Additional director	28/07/2008	28/07/2008	29/01/2009	Active	NO
5	L01132KL1943PLC000782	THE NELLIAMPATHY TEA AND PRODUCE COMPANY LIMITED	Director	21/08/2009	29/01/2009	27/07/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Ajit Thomas	10
Dilip Thomas	10
HMH Hussain	10
A D Bopana	10
P P Balan	10
A.V. Thomas Investments Company Limited, India	100
A.V. Thomas Leather and Allied Products Private Limited, India	179850
Total	180000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2011

Category	Percentage
Bodies corporate	99.00
Directors or relatives of Directors	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Leather Goods

Products :

Item Code No.	Product Description
420221	Leather Goods

PRODUCTION STATUS as on 31.03.2011

Particulars	Unit	Licensed Capacity Installed Capacity	Actual Production
Finished Goods	Pcs	This is not applicable since the Company is registered as a small Scale Industry.	63483

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Suri and Company Chartered Accountants
Address :	No.4, (Old No.55-A), Cheevalar Sivaji Ganesan Road, South Boag Road, Thyagarayanagar, Chennai – 600017, Tamil Nadu, India
Tel. No.:	91-44-24341140/24341150
Fax No.:	91- 44-24341 170
E-Mail :	suriche@eth.net
PAN No:	AABFS5023Q
Related Party:	· A.V. Thomas and Company (India) Limited · A.V. Thomas Leather and Allied Products Private Limited · Alina Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
245000	Equity Shares	Rs.10/- each	Rs.2.450 Millions
500	Preference Shares	Rs.100/- each	Rs.0.050 Million
	Total		Rs.2.500 Millions

Issued Capital:

No. of Shares	Type	Value	Amount
180000	Equity Shares	Rs.10/- each	Rs.1.800 Millions
500	Preference Shares	Rs.100/- each	Rs.0.050 Million
	Total		Rs.1.850 Millions

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
180000	Equity Shares	Rs.10/- each	Rs.1.800 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		1.800	1.800	1.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.172	3.930	3.539
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.972	5.730	5.339
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5.972	5.730	5.339
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.427	0.375	0.440
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.040	2.321	2.784
	Sundry Debtors	4.094	3.786	4.589
	Cash & Bank Balances	0.673	4.565	1.091
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.134	0.877	0.834
Total Current Assets		8.941	11.549	9.298
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.992	5.958	4.278
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.404	0.235	0.121
Total Current Liabilities		3.396	6.194	4.399
Net Current Assets		5.545	5.355	4.899
MISCELLANEOUS EXPENSES		0.000	0.000	5.340
TOTAL		5.972	5.730	5.339

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	18.428	16.704	15.825
		Other Income	0.418	0.019	0.003
		TOTAL	18.846	16.723	15.828
Less	EXPENSES
		(Increase)/Decrease in Stock	(0.184)	0.394	(1.206)
		Materials Consumed	10.067	7.745	8.947
		Employee Cost	6.718	3.139	2.976
		Other Expenditure	1.828	4.814	4.613
		TOTAL	18.429	16.092	15.330
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.417	0.631	0.498
Less/ Add	DEPRECIATION/ AMORTISATION		0.068	0.064	0.090
	PROFIT BEFORE TAX		0.349	0.567	0.408
Less	TAX		0.107	0.176	0.068
	PROFIT AFTER TAX		0.242	0.391	0.340
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.134	1.404	1.404
	BALANCE CARRIED TO THE B/S		2.376	1.795	1.744
	Earnings Per Share (Rs.)		1.35	2.17	1.89

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.28	2.34	2.15
Net Profit Margin (PBT/Sales)	(%)	1.89	3.39	2.58
Return on Total Assets (PBT/Total Assets}	(%)	3.73	4.76	4.19
Return on Investment (ROI) (PBT/Networth)		0.06	0.10	0.08
Debt Equity Ratio (Total Liability/Networth)		0.57	1.08	0.82
Current Ratio (Current Asset/Current Liability)		2.63	1.86	2.11

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	---------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--------
22]	Litigations that the firm / promoter involved in	--------
23]	Banking Details	No
24]	Banking facility details	No
25]	Conduct of the banking account	--------
26]	Buyer visit details	--------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS:

· Plant and Machinery

· Office Equipments

· Furniture and Fittings

· Motor vehicle

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 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.55.59
UK Pound	1	Rs.87.87
Euro	1	Rs.69.50

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		33

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.