MIRA INFORM REPORT

Report Date :

07.06.2012

IDENTIFICATION DETAILS

Name :	ICMC CORPORATION LIMITED
Registered Office :	36, Ambattur Industrial Estate, Chennai – 600058, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.01.1995
Com. Reg. No.:	18-029929
Capital Investment / Paid-up Capital :	Rs. 62.637 Millions
CIN No.: [Company Identification No.]	U24294TN1995PLC029929
TAN No. [Tax Deduction & Collection Account No.]:	CHE102341D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of Intermediates, Catalysts and Enzyme.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 4300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, 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 some 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

INFORMATION PARTED BY

Name :	Mr. Subramani
Designation :	Director
Contact No.:	91-44-42298700
Date :	05.06.2012

LOCATIONS

Registered Office :	36, Ambattur Industrial Estate, Chennai – 600058, Tamilnadu, India
Tel. No.:	91-44-42298700
Fax No.:	91-44-42298701/42080531
E-Mail :	vaasujayaram@gmail.com subramani@icmcgroup.com
Website :	http://www.icmcgroup.com
Location :	Owned
Admin Office:	1/3, Industrial Estate Ariyamanglam, Trichy – 620010, Tamil Nadu, India
Tel. No.:	91-431-2441918
E-Mail :	icmc@vsnl.com
Factory 1:	Adinath Food Industrial Compound, Village Bagnbania, Nalagarh – 174101, District Solan, Himachal Pradesh , India
Tel. No.:	91-44-42080531
E-Mail :	production@icmcgroup.com
Factory 2:	Milam Village, Tindivanam Taluk, Dist. Villupuram, India
Tel. No.:	91-4147-241303
Factory 3:	1/5, Industrial Estate Ariyamanglam, Trichy – 620010, Tamil Nadu, India
Tel. No.:	91-431-244918

DIRECTORS

As on 29.09.2011

Name :	Mr. Kannan Mahadevan
Designation :	Managing Director
Date of Birth :	02.06.1969
Address :	24, Yogambal Street, T. Nagar, Chennai - 600017, India
Date of Appointment :	24.01.1995
DIN No.:	00982521

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	U74899DL1987PTC027310	ADINATH FOOD INDUSTRIES PVT LTD	Director	17-03-87	17-03-87	-	Active	NO
2	U24294TN1991PTC020744	IACL PRIVATE LIMITED	Director	06-05-91	06-05-91	-	Active	NO
3	U24294TN1995PLC029929	ICMC CORPORATION LIMITED	Managing director	24-01-95	24-01-95	-	Active	NO
4	U45201TN1996PTC035841	IND-MARK PROPERTIES PRIVATE LIMITED	Director	21-06-96	21-06-96	-	Active	NO
5	U36999TN1997PLC039488	ICMC PACKAGINGS LIMITED	Director	25-11-97	25-11-97	-	Active	NO
6	U55101TN2005PTC055977	SHREE AKSHYA FOODS AND SERVICES PRIVATE LIMITED	Director	13-04-05	13-04-05	-	Active	NO

Name :	Mr. Ravi Mahadevan
Designation :	Director
Date of Birth :	02.06.1960
Address :	40 – 41, Gandhi Nagar, Ponnagar, Trichy – 620001, India
DIN No.:	00982588

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	U74899DL1987PTC027310	ADINATH FOOD INDUSTRIES PVT LTD	Director	17-03-87	17-03-87	-	Active	NO
2	U24294TN1991PTC020744	IACL PRIVATE LIMITED	Director	06-05-91	06-05-91	-	Active	NO
3	U24294TN1995PLC029929	ICMC CORPORATION LIMITED	Managing director	24-01-95	24-01-95	-	Active	NO
4	U45201TN1996PTC035841	IND-MARK PROPERTIES PRIVATE LIMITED	Director	21-06-96	21-06-96	-	Active	NO
5	U36999TN1997PLC039488	ICMC PACKAGINGS LIMITED	Director	25-11-97	25-11-97	-	Active	NO
6	U55101TN2005PTC055977	SHREE AKSHYA FOODS AND SERVICES PRIVATE LIMITED	Director	13-04-05	13-04-05	-	Active	NO

Name :	Mr. Mahadevan Ganpathy Subramniya
Designation :	Director
Date of Birth :	08.11.1956
Address :	40 – 41, Gandhi Nagar, Ponnagar, Trichy – 620001, India
DIN No.:	02478891

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	U24294TN1995PLC029929	ICMC CORPORATION LIMITED	Director	24-01-95	24-01-95	-	Active	NO

Name :	Mrs. M. Mahalakshmi
Designation :	Director
Date of Birth :	14.10.1961
Address :	40 – 41, Gandhi Nagar, Ponnagar, Trichy – 620001, India
Name :	Mrs. S. G. Ahilandam
Designation :	Director
Date of Birth :	05.11.1927
Address :	40 – 41, Gandhi Nagar, Ponnagar, Trichy – 620001, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
M. Kannan	2905920
M. Ravi	2905920
M. Ganapathy Subramanian	180510
S. G. Ahilandam	155840
M. Mahalakshmi	115210
S. Kalayani Rani	150
Bhuvana Kannan	150
TOTAL	6263700

As on 29.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Intermediates, Catalysts and Enzyme.

Products :

ITC Code No.	Product Description
24294	Printing and Stationery

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

250 (Approximately)

Bankers :

State Bank of Mauritius Limited, Prince Arcade, 22A, Cathedral Road, Chennai – 600086, Tamil Nadu, India

Facilities :

Secured Loans	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan	441.954	324.413
Working Capital Loan	136.813	263.205
Loan taken for Vehicles	4.397	4.531
Deferred Sales tax Loan	4.376	10.807
Total	587.540	602.956
Unsecured Loans	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	38.173	35.787
Total	38.173	35.787

Banking Relations :	--
Auditors :
Name :	Krishnan Appusamy and Associates Chartered Accountants
Address :	20, Thiru Nagar, 4^th Street, Vadapalani, Chennai-600026, Tamilnadu, India
PAN No.:	AAIPJ1192J
Associates/Subsidiaries :	Adinath food Industries Private Limited U74899DL1987PTC027310 Shree Akshya Foods and Services Private Limited U55101TN2005PTC055977

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6263700	Equity Shares	Rs.10/- each	Rs. 62.637 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		62.637	62.637	62.637
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		(18.654)	(29.177)	0.000
4] (Accumulated Losses)		0.000	0.000	(46.933)
NETWORTH		43.983	33.460	15.704
LOAN FUNDS
1] Secured Loans		587.540	602.957	510.444
2] Unsecured Loans		38.173	35.787	23.021
TOTAL BORROWING		625.713	638.744	533.465
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		669.696	672.204	549.169
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		266.573	276.003	306.134
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		44.121	42.876	42.876
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	92.056	68.299	78.086
	Sundry Debtors	317.353	372.208	134.932
	Cash & Bank Balances	30.300	18.459	19.175
	Other Current Assets	0.524	0.524	10.956
	Loans & Advances	61.485	41.241	22.458
Total Current Assets		501.718	500.731	265.607
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	149.642	155.526	76.590
	Other Current Liabilities	0.081	0.081	1.681
	Provisions	5.985	6.956	4.499
Total Current Liabilities		155.708	162.563	82.770
Net Current Assets		346.010	338.168	182.837
MISCELLANEOUS EXPENSES		12.992	15.157	17.322
TOTAL		669.696	672.204	549.169

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	980.797	669.664	527.016
		Other Income	48.098	132.494	22.956
		TOTAL (A)	1028.895	802.158	549.972
Less	EXPENSES
		Consumption Materials Changes Inventories	642.003	425.169	298.535
		Manufacturing Service Costs	151.003	116.746	125.086
		Employee Related Expenses	1.731	52.500	0.000
		Administrative Selling Other Expenses	120.325	86.028	57.779
		TOTAL (B)	915.062	680.443	481.400
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		113.833	121.715	68.572
Less	FINANCIAL EXPENSES (D)		70.586	66.993	64.451
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		43.247	54.722	4.121
Less/ Add	DEPRECIATION/ AMORTISATION (F)		32.724	36.967	42.397
	PROFIT BEFORE TAX (E-F) (G)		10.523	17.755	(38.276)
Less	TAX (H)		0.000	0.000	0.516
	PROFIT AFTER TAX (G-H) (I)		10.523	17.755	(38.792)
	BALANCE CARRIED TO THE B/S		10.523	17.755	(38.792)
	Earnings Per Share (Rs.)		1.68	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.02	2.21	(7.05)
Net Profit Margin (PBT/Sales)	(%)	1.07	2.65	6.96
Return on Total Assets (PBT/Total Assets}	(%)	1.37	2.29	(6.69)
Return on Investment (ROI) (PBT/Networth)		0.24	0.53	(2.44)
Debt Equity Ratio (Total Liability/Networth)		17.77	23.95	39.24
Current Ratio (Current Asset/Current Liability)		3.22	1.48	3.21

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	---------
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	No
Market Information	------------
Litigations that the firm/ Promoters Involved in	------------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-------------
Buyer visit details	------------
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

OPERATIONS

During the year, the Company has earned a Profit of Rs. 10.500 Millions and expect the prospects to be very good during the next year.

FORM 8

Corporate identity number of the company	U24294TN1995PLC029929
Name of the company	ICMC CORPORATION LIMITED
Address of the registered office or of the principal place of business in India of the company	36, Ambattur Industrial Estate, Chennai – 600058, Tamilnadu, India
This form is for	Modification of charge
Charge identification number of the modified	80020442
Type of charge	Immovable property Any interest in immovable property Book Debts Movable Property Floating Charge Other
Particular of charge holder	State Bank of Mauritius Limited, Prince Arcade, 22A, Cathedral Road, Chennai – 600086, Tamil Nadu, India Email: sbml@md2.vsnl.net.in
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation ,Memorandum of Extension of Mortgage by deposit of title deeds
Date of instrument Creating the charge	20.01.2012
Amount secured by the charge	Rs. 367.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest SBM Base Rate plus 4%,presently 14.75% P.A morefully described in the agreement (rate of interest is subject to change by the bank from time to time) Terms of Repayment As per the agreement Margin As per the agreement Extent and Operation of the charge ranking pari passu with other working capital lenders- Indian Bank and Lakshmi Vilas Bank Others Charge amount of Rs.367.50 Million comprising CC - Rs.130.5 Million , WCDL -Rs.162Million and LC/BG - Rs.75 Million . All other terms and conditions are as per the agreement.
Short particulars of the property charged	Whole of the existing securities including those acquired and or to be acquired out of the enhanced limits made available now, Including first charge on the entire current assets and the fixed assets (except those specifically charged) of all the 3 divisions of the company,Equitable Mortgage of 3 land and Building at Shed No. I/3,I/5, J at Ariyamangalam Indl. Estate,Trichy,Commercial premises at F-29,1st Floor,Spencer Plaza,Anna Salai, Chennai, Equitable mortgage of 12.92 acres of land at Mailam owned by Mr.Kannan and Mrs. Mahalakshmi and factory building thereon owned by the company, Equitable mortgage of 1 acre in plot No.36A and B at Ambattur Industrial Estate in Saidapet Taluk, Chinglepet Equitable mortgage of Land and Building at 40-41,Gandhi Nagar,Trichy in the name of Mrs. S.G.Ahilanndam Morefully described in the documents enclosed. These are in addition to all other existing securities
Date of latest modification prior to the present modification	02.03.2010
Particulars of the present modification	Credit limit enhanced to Rs.367.50 Millions and secured by the properties given above more fully described in the documents enclosed. All other terms and conditions of the original charge and the subsequent modifications remain unchanged.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Computer
• Motor Vehicles
• Office Equipments
• Furniture and Fixture

AS PER WEBSITE DETAILS

PROFILE

At ICMC Quality, Timely Delivery and Service are the cornerstones of the business philosophy. They bring together our Suppliers, Customers and Employees, forming a Partnership towards continuous improvement in every work process while this complex task is being accomplished gradually.

Subject\ was established in 1971 at Trichy to manufacture Agro-based Chemicals. Over the last 4 decades, ICMC has diversified to include

• Fertilizer Division
• Turnkey Projects and Civil Construcion
• Printing and Packaging units
• Food Courts

In 1992, Turnkey Projects and Civil Construction wing of ICMC was established. The professionals of the civil andstructural of this division has helped the organization to get prestigious orders like

• Establishment of Bio-fertilizer production units for the Agriculture Department of the Govt of Tamilnadu.
• Establishment of Seed Processing units and Seed Testing Laboratories.
• Establishment of 100 dwelling units for the Air Force Naval Housing Board
• Construction of Tenements for the Tamilnadu Slum Clearance Board
• Construction of Office Complex, Hotels etc., for Reputed Business Houses

In keeping with the time, the Printing and Packaging division of ICMC was established in 1998. State-of-the-art equipment make the packaging items produced by this division make both competitive and “world class”. The facilities available at this division makes a One Stop Shope for the customers for any Printing and Packaging needs

With a net worth of around 250.000 Millions rupees and an annual turnover of around 1000.000 Millions rupees, the ICMC group companies have shown an annual growth rate of about 25% with offices and factories in major towns in India. The ICMC group has a dedicated team with vast experience in their respective fields of activities.

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. 55.49
UK Pound	1	Rs. 85.57
Euro	1	Rs. 69.30

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	ACH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.