MIRA INFORM REPORT

Report Date :

22.05.2012

IDENTIFICATION DETAILS

Name :	AMMAYAPPER TEXTILES PRIVATE LIMITED
Registered Office :	No. 230, Linghi Chetty, Chennai-600001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.06.2005
Com. Reg. No.:	18-056604
Capital Investment / Paid-up Capital :	Rs.63.350 Millions
CIN No.: [Company Identification No.]	U17111TN2005PTC056604
TAN No.: [Tax Deduction & Collection Account No.]	CHEA10648B
PAN No.: [Permanent Account No.]	AAFCA2634N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Garments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 38000
Status :	Moderate
Payment Behaviour :	Slow
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 slow. The company can be considered for business dealings with some cautions. Latest profit and loss of the company is not available.

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 :	No. 230, Linghi Chetty, Chennai-600001, Tamilnadu, India
Tel. No.:	91-44-27658672-75/25268226
Fax No.:	91-44-25226494
E-Mail :	vhktex@yahoo.co.in

DIRECTORS

As on 30.09.2011

Name :

Veluchamy Haridoss

Designation :

Director

Address :

No. 9, Srinivasa Avenue, Viswanathan Strett, R.A. Puram, Chennai-600028, Tamilnadu, India

Date of Birth/Age :

05.06.1945

Date of Appointment :

14.06.2005

Din No.:

00892649

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	U17111TN2005PTC056604	AMMAYAPPER TEXTILES PRIVATE LIMITED	Director	02-03-09	14-06-05	Active	NO
2	U18101TN1997PTC037649	FIRST GARMENT MANUFACTURING COMPANY (INDIA) PRIVATE LIMITED	Director	02-08-08	18-07-08	Active	NO

Name :

Karthikeyan Haridoss

Designation :

Director

Address :

No. 9, Srinivasa Avenue, Viswanathan Strett, R.A. Puram, Chennai-600028, Tamilnadu, India

Date of Birth/Age :

05.12.1979

Date of Appointment :

14.06.2005

Din No.:

00892659

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	U17111TN2005PTC056604	AMMAYAPPER TEXTILES PRIVATE LIMITED	Managing director	02-03-09	14-06-05	Active	NO
2	U18101TN1997PTC037649	FIRST GARMENT MANUFACTURING COMPANY (INDIA) PRIVATE LIMITED	Managing director	05-08-08	18-07-08	Active	NO

Name :

Senthilvelu Haridoss

Designation :

Director

Address :

No. 9, Srinivasa Avenue, Viswanathan Strett, R.A. Puram, Chennai-600028, Tamilnadu, India

Date of Birth/Age :

05.01.1984

Date of Appointment :

14.06.2005

Din No.:

00892670

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	U17111TN2005PTC056604	AMMAYAPPER TEXTILES PRIVATE LIMITED	Director	14-06-05	14-06-05	Active	NO
2	U18101TN1997PTC037649	FIRST GARMENT MANUFACTURING COMPANY (INDIA) PRIVATE LIMITED	Director	02-08-08	18-07-08	Active	NO
3	U63090TN2009PTC072975	TRIO TRANSPORTERS AND TRADERS INDIA PRIVATE LIMITED	Director	22-09-09	22-09-09	Active	NO
4	U51909TN2011PTC079027	CIRA GYPSUM TRADING PRIVATE LIMITED	Director	02-02-11	02-02-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Veluchamy Haridoss	632500
Karthikeyan Haridoss	500
Senthilvelu Haridoss	500
Total	633500

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Garments.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Overseas Bank, C and I Credit Branch, Radhakrishnan Salai, Chennai-600004, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan	56.819	69.687
Other debts	82.024	80.302
Total	138.843	149.989
Unsecured Loan
Directors loan	0.000	0.553
Other debts	39.477	0.168
Total	39.477	0.721

Banking Relations :	--
Auditors :
Name :	R. Sundar Chartered Accountants
Address :	No. 3/1, II Floor, 4^th Street, Venkateswara Nagar, Adyar, Chennai-600020, Tamilnadu, India
Tel. No.:	91-44-24465895
E-Mail :	ramsundar4@yahoo.com
Pan No.:	ANUPS7165B

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.100/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
633500	Equity Shares	Rs.100/- each	Rs.63.350 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		63.350	63.350	34.050
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(53.642)	(54.342)	(43.730)
NETWORTH		9.708	9.008	(9.680)
LOAN FUNDS
1] Secured Loans		138.843	149.989	124.416
2] Unsecured Loans		39.477	0.721	1.792
TOTAL BORROWING		178.320	150.710	126.208
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		188.028	159.718	116.528
APPLICATION OF FUNDS
		99.133	110.541	111.420
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress
		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	63.031	59.694	48.525
	Sundry Debtors	52.284	31.371	12.742
	Cash & Bank Balances	0.782	2.295	0.821
	Other Current Assets	20.330	3.274	1.482
	Loans & Advances	11.809	4.784	5.322
Total Current Assets		148.236	101.418	68.892
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.222	20.827	27.262
	Other Current Liabilities	37.531	26.744	32.647
	Provisions	6.214	5.422	4.752
Total Current Liabilities		59.967	52.993	64.661
Net Current Assets		88.269	48.425	4.231
MISCELLANEOUS EXPENSES		0.626	0.752	0.877
TOTAL		188.028	159.718	116.528

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010	31.03.2009
	TURNOVER	219.641	114.219
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2.764	NA
Less/ Add	DEPRECIATION/ AMORTISATION	13.375	NA
	PROFIT / (LOSS) BEFORE TAX	(10.611)	NA
Less	TAX	NA	NA
	PROFIT / (LOSS) AFTER TAX	NA	34.411
	EARNINGS IN FOREIGN CURRENCY	64.357	99.923
	Earnings / (Loss) Per Share (Rs.)	NA	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	NA	(5.00)	NA
Return on Investment (ROI) (PBT/Networth)		NA	(1.17)	NA
Debt Equity Ratio (Total Liability/Networth)		24.55	22.61	(19.72)
Current Ratio (Current Asset/Current Liability)		2.47	1.91	1.07

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	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	No
10) Designation of contact person	No
11) Turnover of firm for last two years	Yes
12) Profitability for last two 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	No
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	Creation of charge
Corporate identity number of the company	U17111TN2005PTC056604
Name of the company	AMMAYAPPER TEXTILES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 230, Linghi Chetty, Chennai-600001, Tamilnadu, India
Type of charge	Immovable Property Movable Property [not being pledge]
Particular of charge holder	Indian Overseas Bank, C and I Credit Branch, Radhakrishnan Salai, Chennai-600004, Tamilnadu, India
Email	canicbr@chemsco.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	1. Letter of Hypothecation (for securing machineries/vehicles/goods/book debts) 2. Letters of Confirmation.
Date of instrument Creating the charge	29.03.2012
Amount secured by the charge	Rs.42.300 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term Loan Limit of Rs.42.300 millions sanctioned to Ammayapper Roadways and rate of interest as per the sanction terms and documents executed by that company. Terms of Repayment Term Loan Limit of Rs.42.300 millions sanctioned to Ammayapper Roadways and repayment as per the sanction terms and documents executed by that company. Margin Term Loan Limit of Rs.42.300 millions sanctioned to Ammayapper Roadways and margin as per the sanction terms and documents executed by that company. Extent and Operation of the charge a) First charge by Hypothecation of all the block assets of the company, both present and future, including plant and machinery, furniture’s, fixtures etc. and b) Extension of Equitable Mortgage by constructive delivery of documents of immovable properties standing in the name of the company more fully described in the annexure to Form 8. The charge operates as security for the repayment of dues by Ammayapper Roadways to the bank along with interest, charges etc.
Short particulars of the property charged	a) First charge by Hypothecation of all the block assets of the company, both present and future, including plant and machinery, furniture’s, fixtures etc. and b) Extension of Equitable Mortgage by Constructive delivery of documents of immovable properties standing in the name of the company

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Electrical Fittings

· Office Equipments

· Computers

· Furniture and Fittings

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.54.68
UK Pound	1	Rs.86.52
Euro	1	Rs.69.85

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	2
--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		26

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.