MIRA INFORM REPORT

Report Date :

09.10.2012

IDENTIFICATION DETAILS

Name :	RESTOLEX COIR PRODUCTS PRIVATE LIMITED
Registered Office :	No - 9/1, Ashokapuram Industrial Suburb, Yeshwanthpur, Bangalore - 560022, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.09.1981
Com. Reg. No.:	004407
Capital Investment / Paid-up Capital :	Rs. 4.400 millions
CIN No.: [Company Identification No.]	U17233KA1981PTC004407
TAN No.: [Tax Deduction & Collection Account No.]	BLRR01102D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and suppliers of sleep products like mattresses, coir mattress, cushions coir, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 43000
Status :	Satisfactory
Payment Behaviour :	Slow but 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 slow but correct. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	No - 9/1, Ashokapuram Industrial Suburb, Yeshwanthpur, Bangalore - 560022, Karnataka, India
Tel. No.:	91-80-23579568/ 23579655/ 23579223
Fax No.:	91-80-23378197/ (23378197 Tele fax)
E-Mail :	gdandassociates@gmail.com graplind@gmail.com ho@restolex.com laiju@restolex.com
Website :	http://www.restolex.com

DIRECTORS

Name :

Mr. Varghese Joseph

Designation :

Director

Address :

No.14 4^th Cross, Chamundeswari Layout, Bangalore- 560097, Karnataka, India

Date of Birth/Age :

20.06.1954

Date of Appointment :

02.09.2009

DIN No:

02846152

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17233KA1981PTC004407	RESTOLEX COIR PRODUCTS PRIVATE LIMITED	Director	02/09/2009	02/09/2009	-	Active	NO
2	U36104KA2011PTC057107	RESTOLEX MATTRESS PRIVATE LIMITED	Director	14/02/2011	14/02/2011	-	Active	NO
3	U02519KA1984PTC006369	RESTOLEX RUBBER PRODUCTS PRIVATE LIMITED	Director	31/10/2011	31/10/2011	-	Active	NO

Name :

Mr. Kuruvilla Elanjikal Pradeep

Designation :

Managing Director

Address :

No.- 3626 Alsa Terraces, Langford, Gardens, Richmond Road, Bangalore - 560025, Karnataka, India

Date of Birth/Age :

20.10.1963

Date of Appointment :

23.03.1993

DIN No:

01576390

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U02519KA1984PTC006369	RESTOLEX RUBBER PRODUCTS PRIVATE LIMITED	Director	13/09/1984	13/09/1984	-	Active	NO
2	U17233KA1981PTC004407	RESTOLEX COIR PRODUCTS PRIVATE LIMITED	Managing director	23/03/1993	23/03/1993	-	Active	NO
3	U85110KA2006PTC038793	ANAMALLAIS HOSPITALITY PRIVATE LIMITED	Director	31/10/2006	31/10/2006	12/06/2008	Active	YES
4	U36104KA2011PTC057107	RESTOLEX MATTRESS PRIVATE LIMITED	Director	14/02/2011	14/02/2011	-	Active	NO
5	U25199KA1986PTC033326	MARDEC R.K. LATEX PRIVATE LIMITED	Director	30/03/2012	30/03/2012	-	Active	NO

Name :

Mr. Subramanian Muthuraman

Designation :

Director

Address :

Old No. 2/2B New No. 41, Chokalinga Puramrayavaram, Pudhukottai - 622506, Tamilnadu, India

Date of Birth/Age :

14.06.1944

Date of Appointment :

23.11.1981

DIN No:

02356260

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01131TN1943PLC000158	ALAGESWAR ESTATES LIMITED	Managing director	12/04/1978	12/04/1978	-	Active	YES
2	U17233KA1981PTC004407	RESTOLEX COIR PRODUCTS PRIVATE LIMITED	Director	23/11/1981	23/11/1981	-	Active	NO
3	U17111TZ1982PLC001142	SREE SOLAIANDAVAR INVESTMENTS LIMITED	Director	22/05/1990	22/05/1990	-	Active	NO
4	U17111TZ1990PTC002736	SRI SOLAIANDAVAR PROPERTIES (INDIA) Private Limited	Director	07/06/1990	07/06/1990	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Equity Shares
E.J. Kuruvilla	1713
E. Jaen Philiphose	1288
SP. Subramanian	188
E. Prakash	13453
E. Ranjith Kuruvilla	50
E. Pradeep Kuruvilla	13587
Anita Philiphose	148
Jacob Philiphose	148
Sethu Philihose	10
K.L. ramanathan	1052
Laila S Chacko	1
Sujay Kuruvilla	151
E. Cyriac Thomas	139
Shoba Abraham	1367
Premila Paul	1
Nalini Alexander	1
Aley Abraham	1
R Ananda Krishna	50
Rebecca Pothan	99
The Anamallais Timber Trust Private Limited, India	188
Shoba Abraham and Sara Abraham	100
Anila Philipose and Saritha	100
Anila Philipose and Sneha Philipose	100
Anila Philipose and Shilpa Philipose	50
E. Jhon Philiihose	694
Mary Jhon	3
M J Kurikose	3
Valliamma Achi	207
Naomi Meadows	1
C V Abraham	50
Mammen Philip	1
Joseph Varghese	50
Laiju N Narayanan	1
Prakash Moolachand	1
Hema V Chaula	1
Vijay Kumar Srichand	1
Shillabai Srichand	1
Kurian Thomas	1
	No. Preferences Shares
E.Praddep Kuruvilla	9000
Total	44000

As on 30.09.2011

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 :

Manufacturer and suppliers of sleep products like mattresses, coir mattress, cushions coir, etc.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Quantity Value
Licensed Capacity	Nos	Not Applicable
Installed Capacity	Nos	48000
Actual Production	Nos	42007

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of India, Bangalore Main Branch, Bank of India Building, No. 11 K G Road, Bangalore-560009, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash credit account with Bank of India secured by hypothecation of all the tangible, movable assets including raw material stock finished goods, semi-finished goods, book debts and plant and machinery	31.164	28.970
Term loans from schedule banks secured by hypothecation of all the tangible movable assets including raw material stocks , finished goods semi finished goods book debts and plant and machinery	0.582	1.594
Term loan from KSFC for buildings	0.000	0.182
Term loans from KSSIDC for buildings	2.230	3.615
Total	33.976	34.361
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From director and shareholders	7.521	5.851
Total	7.521	5.851

Banking Relations :	--
Auditors :
Name :	Abraham, Mathews and Master Chartered Accountant
Address :	11/1, Nandidurg Road, Bangalore-560046, Karnataka, India
Tel. No.:	91-80-23333461
Fax No.:	91-80-23333461
E-Mail :	cherianmm53@gmail.com
PAN No:	ABVPM0614N

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs.100/- each	Rs.6.000 Millions
15000	Preferences Shares	Rs.100/- each	Rs.1.500 Millions
	Total		Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35000	Equity Shares	Rs.100/- each	Rs.3.500 Millions
9000	Preferences Shares	Rs.100/- each	Rs.0.900 Million
	Total		Rs.4.400 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		4.400	4.400	4.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.406	3.330	9.144
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.806	7.730	13.544
LOAN FUNDS
1] Secured Loans		33.976	34.361	31.386
2] Unsecured Loans		7.521	5.851	8.750
TOTAL BORROWING		41.497	40.212	40.136
DEFERRED TAX LIABILITIES		1.435	1.208	0.526
TOTAL		53.738	49.150	54.206
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.977	18.759	18.913
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.005	0.005	0.005
DEFERREX TAX ASSETS		0.365	0.339	0.355
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.793	22.687	17.738
	Sundry Debtors	37.727	40.261	35.447
	Cash & Bank Balances	2.477	3.667	1.858
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.024	9.446	7.795
Total Current Assets		78.021	76.061	62.838
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.976	43.688	26.114
	Other Current Liabilities	5.654	2.326	1.791
	Provisions	0.000	0.000	0.000
Total Current Liabilities		42.630	46.014	27.905
Net Current Assets		35.391	30.047	34.933
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		53.738	49.150	54.206

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		176.068
		Other Income		1.887
		TOTAL (A)	204.320	177.955	170.587
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	198.304	180.896	166.077
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.016	(2.941)	4.510
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.997	2.175	2.242
	PROFIT BEFORE TAX (E-F) (G)		4.019	(5.116)	2.268
Less	TAX (H)		0.672	0.000	0.259
	PROFIT AFTER TAX (G-H) (I)		3.347	(5.116)	2.009
	Earnings Per Share (Rs.)		7.60	NA	45.66

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.64	(2.87)	1.18
Net Profit Margin (PBT/Sales)	(%)	NA	(2.91)	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.19	(5.40)	2.77
Return on Investment (ROI) (PBT/Networth)		0.37	(0.66)	0.17
Debt Equity Ratio (Total Liability/Networth)		7.78	11.15	5.02
Current Ratio (Current Asset/Current Liability)		1.83	1.65	2.25

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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 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	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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCES:

The sales (net of discounts) for the year were Rs.204.319 millions (Rupees Two thousand Forty three millions and Nineteen thousand only) and Production for the year were 42007 Nos. of mattresses (Forty two thousand and seven only).

NOTE:

The Registered Office of the company has been shifted from No 101 and 102 KSSIDC Industrial Estate, Veerapura Post, Doddaballapur-561203, Karnataka, India to the present address w.e.f.19.06.2012

FIXED ASSETS:

• Furniture and Fittings
• Furniture
• Office Equipments
• Office Electrical Fittings
• Factory Electrical Fittings
• Electrical Equipments
• Computer
• Plant and Machinery
• Testing Machines
• Weights Machines
• Motor and Pump Set
• Boiler
• Quilt Machine
• Vehicles
• Spring Machines

WEBSITES:

Company Profile:

Established in 1981, Restolex manufactures mattresses and other sleep products. A pioneer in the production and marketing of sleep products, Restolex has, over three decades, combined intensive R&D with top-of-the-line international expertise. Today, Restolex products are easily comparable to the finest brands available, both in India and abroad. 

An ISO 9001 certified company, Restolex boasts of a highly competent quality management system that guarantees its customers world-class products of the highest quality. The company is a member of the International Sleep Products Association (ISPA), USA. Restolex has won several state and Government of India awards for Export Excellence. With an extensive sales network spanning India and the Maldives, Restolex is a firm believer in customer satisfaction and dedicated after-sales service, its prime quality policies.

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 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.52.21
UK Pound	1	Rs.84.00
Euro	1	Rs.67.75

INFORMATION DETAILS

Report Prepared by :

DPK

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	5
--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		45

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

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.