MIRA INFORM REPORT

Report Date :

08.05.2012

IDENTIFICATION DETAILS

Name :	KVN IMPEX PRIVATE LIMITED
Registered Office :	23/880 B, KVN Arcade Meenchanda, Calicut – 673 018, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.01.1999
Com. Reg. No.:	09-12733
Capital Investment / Paid-up Capital :	Rs.29.723 millions
CIN No.: [Company Identification No.]	U51909KL1999PTC012733
TAN No.: [Tax Deduction & Collection Account No.]	CHNK01659A
PAN No.: [Permanent Account No.]	AABCK5684J
Legal Form :	Private Limited Liability Company
Line of Business :	Dealers of Petroleum and Chemical Products.
No. of Employees :	20 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 290000
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 normal for 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 – 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 :	23/880 B, KVN Arcade Meenchanda, Calicut – 673 018, Kerala, India
Tel. No.:	91-495-2321492 / 2323539
Mobile No.:	91-9846094533 (Mr. M.K. Rajesh)
Fax No.:	91-495-2320532
E-Mail :	urandco@bsnl.in kvnimpex@gmail.com koz_kvnimpex@sancharnet.in
Area :	1500 sq ft
Location :	Owned
Branch Office:	Located At: · Emakulam · Thrissur · Wellington

DIRECTORS

As on 30.09.2011

Name :

Mr. Ramesh Mangattil Kalakkadathil

Designation :

Managing Director

Address :

Archana, Meenchanda, Calicut – 673 018, Kerala, India

Date of Birth/Age :

23.10.1965

Date of Appointment :

08.01.1999

Election Commission Identity Card No. :

KL/04/025/205001

Din No.:

00801691

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	U51909KL1999PTC012733	KVN IMPEX PRIVATE LIMITED	Managing director	08-01-99	08-01-99	Active	NO
2	U25204KL2004PTC016778	KVN POLYTECH PRIVATE LIMITED	Director	15-01-04	15-01-04	Active	NO

Name :

Mr. Rajesh Mandathil Kalakandathil

Designation :

Whole Time Director

Address :

Archana, Meenchanda, Calicut – 673 018, Kerala, India

Date of Birth/Age :

15.05.1967

Date of Appointment :

08.01.1999

Election Commission Identity Card No. :

KL/04/025/205005

Din No.:

00801685

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	U51909KL1999PTC012733	KVN IMPEX PRIVATE LIMITED	Whole-time director	08-01-99	08-01-99	Active	NO
2	U25204KL2004PTC016778	KVN POLYTECH PRIVATE LIMITED	Managing director	15-01-04	15-01-04	Active	NO

Name :

Mr. T.P. Sindhu

Designation :

Whole Time Director

Address :

Archana, Meenchanda, Calicut – 673 018, Kerala, India

Date of Birth/Age :

20.12.1974

Date of Appointment :

08.01.1999

Din No.:

03400830

Name :

Ms. Rashmi Nair

Designation :

Whole Time Director

Address :

Archana, Meenchanda, Calicut – 673 018, Kerala, India

Date of Birth/Age :

07.09.1973

Date of Appointment :

01.01.2000

Din No.:

03400882

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.03.2012

Names of Allottees	No. of Shares
Ramesh Mangattil Kalakkadathil	27000
Rajesh Mandathil Kalakandathil	5500
T.P. Sindhu	9000
M.K. Savithri	8000
Rashmi Nair	18500
Total	68000

As on 30.09.2011

Names of Shareholders	No. of Shares
Ramesh Mangattil Kalakkadathil	54089
Rajesh Mandathil Kalakandathil	53326
T.P. Sindhu	25943
M.K. Savithri	8165
Rashmi Nair	31970
M.K. Rajasree	14986
K.P. Damodaran	14294
K.P. Rajagopal	9747
Pushpa Rajagopal	9863
Radha Damodaran	11825
Rajath Rajesh	14343
Reshma Ramesh	13471
Rishi Rajesh	14417
Swetha Ramesh	14342
Balakrishnan T P	6447
Total	297228

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Dealers of Petroleum and Chemical Products.

Products :

Product Description	ITC Code
High Density P.E.	3901.10.90
Low Density P.E.	3901.10.10
Filler Master batch	3906

GENERAL INFORMATION

No. of Employees :

20 [Approximately]

Bankers :

· State Bank of Travancore, Main Branch Kozhikode, YMCA Road, Calicut-673001, Kerala, India

• Federal Bank

· State Bank of India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan	248.999	118.391
Total	248.999	118.391
Unsecured Loan
Loans directors	9.774	0.000
Total	9.774	0.000

Banking Relations :	--
Auditors :
Name :	Ajith Bharathan K Chartered Accountant
Address :	Calicut – 673 001, Kerala, India
Pan No.:	AFYPK6799P
Related Parties :	· KVN Polytech Private Limited · Madura Polymers and Chemicals

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
297228	Equity Shares	Rs.100/- each	Rs.29.723 Millions

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
365228	Equity Shares	Rs.100/- each	Rs.36.523 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		29.723	29.723	29.723
2] Share Application Money		1.650	0.000	0.000
3] Reserves & Surplus		41.749	24.276	0.000
4] (Accumulated Losses)		0.000	0.000	(11.866)
NETWORTH		73.122	53.999	17.857
LOAN FUNDS
1] Secured Loans		248.999	118.391	6.094
2] Unsecured Loans		9.774	0.000	1.207
TOTAL BORROWING		258.773	118.391	7.301
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		331.895	172.390	25.158
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.807	8.484	3.049
Capital work-in-progress		5.573	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.081
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	305.917	87.591	96.922
	Sundry Debtors	93.490	74.783	29.895
	Cash & Bank Balances	95.994	64.624	42.840
	Other Current Assets	3.292	6.040	0.674
	Loans & Advances	48.998	37.885	24.244
Total Current Assets		547.691	270.923	194.575
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	220.749	92.206	170.696
	Other Current Liabilities	0.000	3.435	0.006
	Provisions	8.427	11.376	1.845
Total Current Liabilities		229.176	107.017	172.547
Net Current Assets		318.515	163.906	22.028
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		331.895	172.390	25.158

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1043.101	761.708	559.636
		Other Income	NA	NA	11.456
		TOTAL (A)	NA	NA	571.092
Less	EXPENSES
		Purchases			584.655
		Trading Expenses			5.932
		Consignment Account Loss	NA	NA	5.402
		Administrative and Other Expenses			38.107
		Miscellaneous Expenses written off			0.003
		Accretion to Stock			(56.911)
		TOTAL (B)	NA	NA	577.188
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	(6.096)
Less	FINANCIAL EXPENSES (D)		NA	NA	9.998
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.971	50.078	(16.094)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.499	1.512	0.628
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		26.472	48.566	(16.722)
Less	TAX (H)		9.199	11.630	0.049
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		17.273	36.936	(16.771)
	BALANCE CARRIED TO THE B/S		NA	NA	(16.771)
	Earnings / (Loss) Per Share (Rs.)		58.11	124.27	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	(2.94)
Net Profit Margin (PBT/Sales)	(%)	2.54	6.37	(2.99)
Return on Total Assets (PBT/Total Assets}	(%)	4.77	17.38	(8.46)
Return on Investment (ROI) (PBT/Networth)		0.36	0.90	(0.94)
Debt Equity Ratio (Total Liability/Networth)		6.67	2.19	10.07
Current Ratio (Current Asset/Current Liability)		2.39	2.53	1.13

LOCAL AGENCY FURTHER INFORMATION

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
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	Yes
24) Banking facility details	Yes
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

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10113234
Corporate identity number of the company	U51909KL1999PTC012733
Name of the company	KVN IMPEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	23/880 B, KVN Arcade Meenchanda, Calicut – 673 018, Kerala, India
Type of charge	Book Debts Movable Property [not being pledge] Others
Particular of charge holder	State Bank of Travancore, Main Branch Kozhikode, YMCA Road, Calicut-673001, Kerala, India
Email	calicut@sbt.co.in
Nature of description of the instrument creating or modifying the charge	1. Supplemental Agreement for Loan for increasing Working Capital Limits 2. Supplemental Agreement of Hypothecation of goods and assets for increasing Working Capital Limits
Date of instrument Creating the charge	31.10.2011
Amount secured by the charge	Rs.620.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3.5% above SBT base rate. Presently effectively 14% Terms of Repayment As per the agreement Margin 25% for finished goods 40% for receivables and others Extent and Operation of the charge Extension of Hypothecation of stocks, book debts, other current assets, movable properties and all fixed assets
Short particulars of the property charged	Hypothecation of stocks, book debts, other current assets, movable properties and fixed assets of the Company, Meenchanda, Kozhikode-18
Date of latest modification prior to the present modification	26.03.2011
Particulars of the present modification	The overall credit facilities of Rs 465.000 Millions has been increased to Rs 620.000 Millions by the extension of all present charge for securing enhanced credit facilities.

FIXED ASSETS

· Building

· Furniture and Fittings

· Office Equipments

· Air Conditioner

· Camera and Accessories

· Electrical Equipments and Fittings

· Computers, Software and Accessories

· Printers and Accessories

· Cars

· Scooters and Cycles

· Godrej Forklift and Pallet Truck

· Telephones and Mobile Phones

· UPS and Battery

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.53.34
UK Pound	1	Rs.86.09
Euro	1	Rs.69.37

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--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		42

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.