MIRA INFORM REPORT

Report Date :

05.01.2012

IDENTIFICATION DETAILS

Name :	ANNA ALUMINIUM COMPANY PRIVATE LIMITED [w.e.f. 01.02.2006]
Formerly Known As :	ANNA ALUMINIUM VESSELS PRIVATE LIMITED
Registered Office :	III/847, Kizhakkambalam P.O., Aluva, Ernakulam-683562, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.12.2005
Com. Reg. No.:	09-018923
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U27203KL2005PTC018923
TAN No.: [Tax Deduction & Collection Account No.]	CHNA01823D
PAN No.: [Permanent Account No.]	AAFCA6562R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Marketing of Vessels and Utensils.
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 760000
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 for normal business dealing 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 :	III/847, Kizhakkambalam P.O., Aluva, Ernakulam-683562, Kerala, India
Tel. No.:	91-484-2680700/1/2/3/4/5
Fax No.:	91-484-2684866
E-Mail :	anna@annagroup.net
Website:	www.annagroup.net

DIRECTORS

As on 30.09.2011

Name :

Mr. Karunakaran Nair Chandrasekharan Pillai

Designation :

Director

Address :

Anna Aluminium Company, Kizhakkambalam Aluva, Ernakulam-683562, Kerala, India

Date of Birth/Age :

15.11.1955

Date of Appointment :

02.01.2009

Din No.:

02416428

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	U27203KL2005PTC018923	ANNA ALUMINIUM COMPANY PRIVATE LIMITED	Director	30-09-09	02-01-09	Active	NO
2	U27203KL1992PLC006628	ANNA ALUMINIUM PRODUCTS (INDIA) LIMITED	Director	30-09-09	06-01-09	Active	NO
3	U05004KL1992PTC006693	SEA LAND MARINES PRIVATE LIMITED	Director	30-09-09	06-01-09	Active	NO
4	U74140KL1975PLC002744	KITEX LIMITED	Director	30-09-09	29-01-09	Active	NO

Name :

Kurien Amprayil Mathew

Designation :

Director

Address :

Amprayil Reccaa, Valley VII/771 A, Mavelipuram Kakkanadu, Ernakulam-682030, Kerala, India

Date of Birth/Age :

11.02.1943

Date of Appointment :

02.01.2009

Din No.:

02437778

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	U27203KL2005PTC018923	ANNA ALUMINIUM COMPANY PRIVATE LIMITED	Director	30-09-09	02-01-09	Active	NO
2	U74140KL1975PLC002744	KITEX LIMITED	Director	17-09-11	07-06-11	Active	NO

Name :

Paulose Ouseph

Designation :

Director

Address :

18, Arackakudi, 7, Kizhakkambalam, Ernakulam-683562, Kerala, India

Date of Birth/Age :

04.10.1950

Date of Appointment :

18.06.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Jacob Meckamkunnel Chacko	90000
Boby Meckamkunnel Jacob	715000
Boby Minny	195000
Total	1000000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Vessels and Utensils.

GENERAL INFORMATION

Bankers :

· Indian Bank, Shanmugham Road, Kochi, Ernakulam-682013, Kerala, India

· Canara Bank

· State Bank of India

· ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Cash Credit With: State Bank of India [The above facility is secured by first charge in the form of hypothecation of all current assets and all other movable assets of the company]	0.000	0.599
Term Loan From: State Bank of India [The above facility is secured by first charge in the form of hypothecation of wind mill and equitable mortgage of 1.20 acres of land in the name of the company]	0.000	6.525
Term Loan From: Indian Bank [The above facility is secured by first charge in the form of hypothecation of two wind mill turbine generators 600 MW of Suzlon Energy Limited and equitable mortgage on properties measuring 1.2 acres each in survey no. 1031 in Agali Village in Palkkad Dist.]	47.574	0.000
Vehicle Loans From:
Canara Bank	1.053	1.405
State Bank of India	1.107	1.711
ICICI Bank Limited [The above facilities are secured by hypothecation of respective vehicles]	5.325	0.327
Total	55.059	10.567
Unsecured Loan
From Directors	0.099	0.099
Total	0.099	0.099

Banking Relations :	--
Auditors :
Name :	Varma and Varma Chartered Accountants
Address :	Marathi Lane, M.G. Road, Thrissur-680001, Kerala, India
Pan No.:	AABFV9555E
Enterprises over which key management personnel and their relatives are able to exercise significant influence having transactions with company:	· Anna Aluminium Company [Firm] · Anna Aluminium Company [Proprietorship] · Anna Aluminium Products India Limited · Anna Aluminium Vessels · Ellys Herbal Extractions · Chakson Industries · Jacs Metals Private Limited · Kerexim Intercontinental · Kitex Childrens Wear Limited · Kitex Garments Limited · Kitex Limited · Sara Spices and Sea Land Marines Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		181.701	126.488	54.644
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		191.701	136.488	64.644
LOAN FUNDS
1] Secured Loans		55.059	10.567	48.281
2] Unsecured Loans		0.099	0.099	0.099
TOTAL BORROWING		55.158	10.666	48.380
DEFERRED TAX LIABILITIES		26.309	8.633	10.474
TOTAL		273.168	155.787	123.498
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		144.920	68.763	66.299
Capital work-in-progress		2.839	33.564	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	64.739	24.764	25.992
	Sundry Debtors	20.084	64.963	47.594
	Cash & Bank Balances	78.842	3.893	5.982
	Other Current Assets	2.396	0.994	0.606
	Loans & Advances	30.829	4.390	5.061
Total Current Assets		196.890	99.004	85.235
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	53.152	21.619	19.165
	Other Current Liabilities	6.604	4.288	2.893
	Provisions	11.725	19.652	6.008
Total Current Liabilities		71.481	45.559	28.066
Net Current Assets		125.409	53.445	57.169
MISCELLANEOUS EXPENSES		0.000	0.015	0.030
TOTAL		273.168	155.787	123.498

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	520.945	438.147
		Other Income
		TOTAL	NA	520.945	438.147
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	399.853	382.196
		Advertising Expenses
		TOTAL	NA	399.853 [Including Financial Expense]	382.196 [[Including Financial Expense]]
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	121.092	55.951
Less/ Add	DEPRECIATION/ AMORTISATION		NA	10.022	5.920
	PROFIT BEFORE TAX		91.852	111.070	50.031
Less	TAX		36.638	39.226	17.061
	PROFIT AFTER TAX		55.214	71.844	32.970
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		55.214	71.844	32.970
	Earnings Per Share (Rs.)		55.21	71.84	32.97

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	13.79	7.52
Return on Total Assets (PBT/Total Assets}	(%)	26.87	66.20	33.02
Return on Investment (ROI) (PBT/Networth)		0.48	0.81	0.77
Debt Equity Ratio (Total Liability/Networth)		0.66	0.41	1.18
Current Ratio (Current Asset/Current Liability)		2.75	2.17	3.04

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATIONS:

During the year, the company has earned of Rs.91.852 Millions from Rs.111.070 Millions. The net profit for the year was Rs.55.214 Millions as against Rs.71.844 Millions during the previous financial year. The directors are continuously looking for avenues for future growth of the company.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U27203KL2005PTC018923
Name of the company	ANNA ALUMINIUM COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	III/847, Kizhakkambalam P.O., Aluva, Ernakulam-683562, Kerala, India
Type of charge	Immovable Property Movable Property [not being pledge] Others
Particular of charge holder	Indian Bank, Shanmugham Road, Kochi, Ernakulam-682013, Kerala, India
Email	ernakulam@indianbank.co.in
Nature of description of the instrument creating or modifying the charge	Medium Term loan agreement dated 23.06.2010 Agreement of Hypothecation
Date of instrument Creating the charge	23.06.2010
Amount secured by the charge	Rs.53.250 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1.75 % below the BPLR + Tenor premium of .50 % p a subject to a minimum of 10.75% p a. Terms of Repayment The loan is repayable in 78 monthly installments of Rs.0.683 million each. The first installment commence from January 2011 Margin 25% Extent and Operation of the charge The security will stand hypothecated to the Bank by the way of first charge as security for all indebtedness / liabilities of borrower to the bank together with all interests, commissions, costs, charges and expenses payable to or incurred by the Bank including those for the enforcement of any security.
Short particulars of the property charged	Hypothecation of two Wind Turbine Generator 600 MW of Suzlon Energy Limited. Equitable Mortgage on property measuring 1.2 acres - survey No 1031 - sale deed no: 84/2010 - part of the Agali Village, Palakkad District Equitable Mortgage on property measuring 1.2 acres - survey No 1031 - sale deed no: 85/2010 - part of the Agali Village, Palakkad District

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Wind Mill

· Tools and Equipments

· Electrical Fittings

· Furniture and Fittings

· Cycle

· Computer Machinery

· 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.53.14
UK Pound	1	Rs.83.08
Euro	1	Rs.69.25

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	6
--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	NO
--AFFILIATION	YES/NO	NO
--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.