MIRA INFORM REPORT

Report Date :

17.02.2012

IDENTIFICATION DETAILS

Name :	JOSCO RUBBER PONDY PRIVATE LIMITED
Registered Office :	1-4, Abhisekapakkom Main Road, Pondichery – 605007
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.10.1998
Com. Reg. No.:	08-001430
Capital Investment / Paid-up Capital :	Rs.4.000 Millions
CIN No.: [Company Identification No.]	U25199PY1998PTC001430
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Fashionables and Comfortable Footwear.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 :	1-4, Abhisekapakkom Main Road, Pondichery – 605007, India
Tel. No.:	91-413-23334022
Fax No.:	Not Available
E-Mail :	josco@satyam.net.in

DIRECTORS

As on 30.09.2011

Name :

Mr. Abey Joseph Joseph

Designation :

Managing director

Address :

23, Captain Marius Xavier Street, Pondicherry, Pondicherry – 605001, India

Date of Birth/Age :

18.05.1958

Date of Appointment :

07.10.1998

DIN No.:

00300418

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
U19201PY1995PTC001066	Josco Polymers Private Limited	Managing director	27/03/1995	27/03/1995	-	Active	NO
U25199PY1998PTC001430	Josco Rubber Pondy Private Limited	Managing director	15/12/2008	7/10/1998	-	Active	NO
U19201PY1999PTC001451	Josco Footwear Products Private Limited	Managing director	12/03/1999	12/03/1999	-	Active	NO

Name :

Mr. Tony Joseph

Designation :

Director

Address :

5/2759 D, PO Puthiyara, Kozhikode – 673004, Kerala, India

Date of Birth/Age :

23.10.1960

Date of Appointment :

07.10.1998

DIN No.:

00449136

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
U67120KL1992PTC006720	Prime Land Holdings Private Limited	Director	23/09/1992	23/09/1992	-	Active	NO
U19201PY1995PTC001066	Josco Polymers Private Limited	Director	27/03/1995	27/03/1995	-	Active	NO
U25199PY1998PTC001430	Josco Rubber Pondy Private Limited	Director	7/10/1998	7/10/1998	-	Active	NO
U19201PY1999PTC001451	Josco Footwear Products Private Limited	Director	12/03/1999	12/03/1999	-	Active	NO
U72200KL2000PTC014416	Sarvam Digital Private Limited	Director	20/02/2005	20/02/2005	-	Active	NO
U55101KL2008PTC022957	Mandalay Hotels and Hospitality Private Limited	Managing director	11/08/2008	11/08/2008	-	Active	NO
U70100KL2009PTC024168	Loci Properties India Private Limited	Managing director	14/05/2009	14/05/2009	-	Active	NO
U55103KA2010PTC052720	Kabini Holiday Homes Private Limited	Director	26/02/2010	26/02/2010	-	Active	NO

Name :

Mr. Maxy Joseph

Designation :

Director

Address :

Philominapuram B Estate, Koodthai Post, Thamarassery – 673573, Kerala, India

Date of Birth/Age :

13.07.1956

Date of Appointment :

07.10.1998

DIN No.:

00449503

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
U19201PY1995PTC001066	Josco Polymers Private Limited	Director	27/03/1995	27/03/1995	-	Active	NO
U25199PY1998PTC001430	Josco Rubber Pondy Private Limited	Director	7/10/1998	7/10/1998	-	Active	NO
U19201PY1999PTC001451	Josco Footwear Products Private Limited	Director	12/03/1999	12/03/1999	-	Active	NO

Name :

Ms. Annie Jose Jose Ambooken

Designation :

Director

Address :

Kainadi House, 207 B, Silver Hills Road, Paroppady Vengeri PO, Kozhikode – 673010, Kerala, India

Date of Birth/Age :

12.10.1958

Date of Appointment :

07.10.1998

DIN No.:

00449603

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
U19201PY1995PTC001066	Josco Polymers Private Limited	Director	27/03/1995	27/03/1995	-	Active	NO
U25199PY1998PTC001430	Josco Rubber Pondy Private Limited	Director	7/10/1998	7/10/1998	-	Active	NO
U19201PY1999PTC001451	Josco Footwear Products Private Limited	Director	12/03/1999	12/03/1999	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Abey Joseph	5800
Annie Jose	2000
Tony Joseph	10000
Maxy Joseph	10000
Meera Abey	4200
Jose Joseph	8000
Total	40000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Fashionables and Comfortable Footwear.
Products :	Footwear

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, SME Branch, Jail Road, Calicut – 673004, Kerala, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Kerala Financial Corporation	9.611	10.531
Bank	12.881	11.481
Total	22.492	22.012
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Margin Money Loan : DIC Sales deferral loan	0.172	0.172
Loan from Directors	8.169	8.203
Loans from others	5.422	4.797
Total	13.763	13.172

Financial Institution :	Kerala Financial Corporation, Branch Office, Pavamani Road, Kozhikode – 673001, Kerala, India
Banking Relations :	--
Auditors :
Name :	Venkateshwaran R. V. Chartered Accountants
Address :	Venkateswaran and Veeramani, Fibberdale, Bhajan Kovil Road, Kozhikode – 673002, Kerala, India
PAN.:	ABPPV9441C

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 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		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(8.879)	(9.372)	(7.675)
NETWORTH		(4.879)	(5.372)	(3.675)
LOAN FUNDS
1] Secured Loans		22.492	22.012	18.166
2] Unsecured Loans		13.763	13.172	12.712
TOTAL BORROWING		36.255	35.184	30.878
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		31.376	29.812	27.203
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.400	12.547	11.357
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		3.830	3.436	2.879
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.414	8.347	8.347
	Sundry Debtors	15.168	7.652	7.652
	Cash & Bank Balances	0.427	0.450	0.450
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.390	11.547	11.547
Total Current Assets		31.399	21.982	27.996
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.309	5.997	14.907
	Other Current Liabilities	1.899	2.156
	Provisions	0.045	0.000	0.122
Total Current Liabilities		15.253	8.153	15.029
Net Current Assets		16.146	13.829	12.967
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		31.376	29.812	27.203

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	94.020	66.339	58.901
		Other Income	0.847	0.466	0.524
		TOTAL (A)	94.867	66.805	59.425
Less	EXPENSES
		Increase/ Decrease in inventory	(4.715)	0.315	1.463
		Manufacturing Expenses	72.610	49.626	41.991
		Purchases (footwear, for re-sale)	1.921	1.011	0.000
		Administrative, selling and distribution expenses	19.049	12.367	12.108
		TOTAL (B)	88.865	63.319	55.562
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.002	3.486	3.863
Less	FINANCIAL EXPENSES (D)		3.347	3.065	2.264
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.655	0.421	1.599
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.508	2.626	1.572
	PROFIT BEFORE TAX (E-F) (G)		0.147	(2.205)	0.027
Less	TAX (H)		(0.345)	(0.513)	0.240
	PROFIT AFTER TAX (G-H) (I)		0.492	(1.692)	(0.213)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(9.372)	(7.680)	(7.467)
	BALANCE CARRIED TO THE B/S		(8.880)	(9.372)	(7.680)
	EARNINGS IN FOREIGN CURRENCY
		FOB value	13.221	12.177	3.327
	TOTAL EARNINGS		13.221	12.177	3.327
	Earnings Per Share (Rs.)		12.31	(42.29)	(5.32)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.51	2.53	0.36
Net Profit Margin (PBT/Sales)	(%)	0.16	3.32	0.05
Return on Total Assets (PBT/Total Assets}	(%)	0.34	6.38	0.07
Return on Investment (ROI) (PBT/Networth)		0.03	0.41	0.01
Debt Equity Ratio (Total Liability/Networth)		10.56	8.07	12.49
Current Ratio (Current Asset/Current Liability)		2.06	2.69	1.86

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U25199PY1998PTC001430
Name of the company	JOSCO RUBBER PONDY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4,Romain Rolland Street, Pondicherry 1, Pondicherry – 605001, India Email Id : josco@satyam.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10102313
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Canara Bank, SME Branch, Jail Road, Calicut – 673004, Kerala, India Email Id : tvm2385@canbank.co.in
Nature of instrument creating charge	1. Supplemetal Common Hypothecation
Date of instrument Creating the charge	15.09.2010
Amount secured by the charge	Rs.14.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest OCC-13.25%p.a fliating (B.P.L.R) (This is subject to changes advised by the bank from time to time) CDB-13.25% BE-13.25% (This is subject to changes advised by the bank from time to time) Terms of repayment On Demand Margin OCC-Not Less than 25% on inventory and 50% on Book debt. CDB-NIL BE-NIL Extent and operation of the charge The above charge operates as a security for the payment of interest and repayment of the principal
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Stock of raw materials, semi- finished goods, finished goods, packing materials and book debts Second Charge on Land and Building , Plant and Machinery and all other fixed assets of. Josco Rubber (Pondy) Private Limited, having written down value of Rs. 7.610 Millions
Date of instrument modifying the charge	28.04.2009
Particulars of the present modification	By Virtue of the above modification the existing limit of Rs.11.500 Millions is enhanced to Rs.14.500 Millions (OCC Rs.1300.000 Millions, CDB Rs.0.500 Million and BE Rs.1.000 Million) with in addition of Rs.3.500 Millions

FIXED ASSETS

· Land

· Building

· Godown

· Office Building

· Furniture and Fixtures

· Calculators

· Computers/ Accessories

· Dies and Moulds

· Plant and Machinery

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.49.25
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		15

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.