MIRA INFORM REPORT

Report Date :

26.12.2013

IDENTIFICATION DETAILS

Name :	SUNDARAM TEXTILES LIMITED
Registered Office :	Lakshmi Building, Usilampatti Road, Kochadai, Madurai – 625 016, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.11.1960
Com. Reg. No.:	18-004340
Capital Investment / Paid-up Capital :	Rs.4.500 Millions
CIN No.: [Company Identification No.]	U17111TN1960PLC004340
TAN No.: [Tax Deduction & Collection Account No.]	MRIS01344A
PAN No.: [Permanent Account No.]	AACCS1479A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of open-end spun, carded and combed, gassed and mercerized single and doubled yarns on hanks and cones for knitting.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Company performance has improved. Networth of the company seems to be good. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

Uptick in agriculture and construction spread some cheer as the economy grew a higher-than-expected 4.8 % in the three months through September. Manufacturing rose an annual rate per cent during the quarter and mining fell by 0.4 %, government data showed while farm output rose 46%.

India has emerged as the most attractive investment destination, thanks to a relaxation in foreign direct investment norms, says a report. India is followed by Brazil and China in the ranking part of EY’s Capital Confidence Barometer report based on a survey across 70 nations. The US, France and Japan have emerged as the top three investors likely to invest in India.

India has been ranked 83^rd globally in terms of talent competitiveness of its human capital.  Switzerland, Singapore, Denmark, Sweden and Luxembourg are the top five in the list of 103 nations compiled by INSEAD business school.

Tax rates for companies in India are among the highest in the world and the number of payments is also more than the global average putting the country at low, 158^th rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the time taken for tax payments is relatively less in India which is rated ahead of China and Japan.

1 billion smartphone shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost computing in emerging markets. By 2017, total smartphone shipments are expected to approach 1.7 billion units, resulting in a compound annual growth rate of 18.4 % between 2013 and 2017, according to research from IDC.

20 % vacancy rate of office space in Mumbai and Delhi in the third quarter, the highest in Asia after Chengdu, in China. According to Cushman and Wakefield, six Indian cities are among the 10 office markets with the worst vacancies.

Foreign banks will not have to pay stamp duty and capital gains tax, if they convert their branch operations into a wholly owned subsidiary, according to the Reserve Bank of India.

The Reserve Bank of India is planning to launch CPI – indexed bonds aimed to protecting the savings of retail investors from the impact the price rise by December end.

Central Bureau of Investigation has booked State Bank of India, Deputy Managing Director Shyamal Acharya and others in a graft case related to distribution of a loan of over Rs 4000 mn. Gold and jewellery  worth Rs 6.7 mn have been recovered from the residence of Acharya.

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 :	Lakshmi Building, Usilampatti Road, Kochadai, Madurai – 625 016, Tamil Nadu, India
Tel. No.:	91-452-2420286
Fax No.:	91-452-2420494
E-Mail :	mdu_stimdu@sancharnet.in arramamoorthy@yahoo.co.uk
Website :	www.sundaramtextiles.com
Textile Mills :	Located at · Nanguneri Tamilnadu
Sister unit:	Located at · Therkkutheru Madurai

DIRECTORS

AS ON 25.09.2013

Name :

Mr. Krishna Ramesh

Designation :

Directors

Address :

18, Jawahar Road, Chokkikulam, Mumbai – 625002, Maharashtra, India

Date of Birth/Age :

17.02.1939

Date of Appointment :

24.09.2010

DIN No.:

00556922

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	Company/ LLP Status	Defaulting status
1	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR & SONS LIMITED	Director	25/12/1970	25/12/1970	Active	NO
2	L35999TN1962PLC004943	SUNDRAM FASTENERS LIMITED	Director	21/12/1971	21/12/1971	Active	NO
3	U27209TN1962PLC004760	TVS SEWING NEEDLES LIMITED	Director	06/03/1972	06/03/1972	Active	NO
4	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Director	14/06/1972	14/06/1972	Active	NO
5	U60221TN1946PLC002582	SOUTHERN ROADWAYS LIMITED	Managing director	23/04/2010	27/09/1975	Active	NO
6	L34300TN1974PLC006703	SUNDARAM BRAKE LININGS LIMITED	Director	16/11/1982	16/11/1982	Active	NO
7	U17111TN1960PLC004340	SUNDARAM TEXTILES LIMITED	Director	27/08/2004	27/08/2004	Active	NO

Name :

Mr. Ramesh Soumini

Designation :

Directors

Address :

18, Jawahar Road, Chokkikulam, Mumbai – 625002, Maharashtra, India

Date of Birth/Age :

19.08.1943

Date of Appointment :

16.07.2012

DIN No.:

00573236

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	Company/ LLP Status	Defaulting status
1	U85110KA1995PTC019206	T.V.S HERITAGE TOURS PRIVATE LIMITED	Director	17/11/1995	17/11/1995	Strike off	NO
2	U85110KA1995PTC017459	ALAGAR TEXTILES PRIVATE LIMITED	Director	03/10/1997	03/10/1997	Strike off	NO
3	U17111TN1982PTC009662	DATTATREYA TEXTILES PRIVATE LIMITED	Director	30/10/1998	30/10/1998	Active	NO
4	U17111TN1960PLC004340	SUNDARAM TEXTILES LIMITED	Managing director	01/07/2007	20/09/2000	Active	NO
5	U17293TN1998PTC040328	ATHREYA TEXTILES PRIVATE LIMITED	Director	05/03/2003	05/03/2003	Active	NO
6	U74999TN2004PTC052301	AMBUR RESEARCH SERVICES INDIA PRIVATE LIMITED	Director	09/01/2004	09/01/2004	Strike off	NO

Name :

Mr. Krishna Mahesh

Designation :

Directors

Address :

30, First Main Road, Raja Annamalaipuram, Chennai – 626709, Tamilnadu, India

Date of Birth/Age :

11.10.1943

Date of Appointment :

16.07.2012

DIN No.:

00051438

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	U60221TN1946PLC002582	SOUTHERN ROADWAYS LIMITED	Director	29/01/1975	29/01/1975	-	Active	NO
2	L34300TN1974PLC006703	SUNDARAM BRAKE LININGS LIMITED	Managing director	23/04/1975	23/04/1975	-	Active	NO
3	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	28/07/1975	28/07/1975	-	Active	NO
4	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR & SONS LIMITED	Whole-time director	01/04/2013	30/08/1976	-	Active	NO
5	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Director	30/11/1978	30/11/1978	15/06/2013	Active	NO
6	U29309TN1997PTC038164	TVS GLOBAL TRADE PRIVATE LIMITED	Director	13/05/1997	13/05/1997	-	Active	NO
7	U17111TN1960PLC004340	SUNDARAM TEXTILES LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO

Name :

Mr. Thiagarajan Kannan

Designation :

Directors

Address :

Thiyagarajan Mills, Kappalur, Madurai – 626709, Tamilnadu, India

Date of Birth/Age :

09.05.1953

Date of Appointment :

16.07.2012

DIN No.:

00040674

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	L17111TN1946PLC003270	VTM LIMITED	Director	23/03/1973	23/03/1973	-	Active	NO
2	U27209TN1935PTC002515	THIAGARAJAR MILLS Private LIMITED	Managing director	25/08/2008	01/07/1976	-	Active	NO
3	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	01/09/1986	01/09/1986	-	Active	NO
4	U17115TN1990PLC018665	COLOUR YARNS LTD	Director	10/06/1992	10/06/1992	-	Active	NO
5	L34300TN1974PLC006703	SUNDARAM BRAKE LININGS LIMITED	Director	16/07/1999	16/07/1999	-	Active	NO
6	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	27/07/2000	27/01/2000	-	Active	NO
7	U17111TN1960PLC004340	SUNDARAM TEXTILES LIMITED	Director	23/08/2005	23/08/2005	-	Active	NO
8	U01712TZ2005PLC012329	SIMA TEXTILE PROCESSING CENTRE LIMITED	Director	01/12/2005	01/12/2005	-	Active	NO
9	U93000TZ2007PLC013588	SIMA TEXTILE PARK COMPANY LIMITED	Director	30/03/2007	30/03/2007	-	Strike off	NO
10	U74990TN2010PLC076714	THIAGARAJAR TELEKOM SOLUTIONS LIMITED	Director	23/07/2010	23/07/2010	-	Active	NO
11	U25111MH2007PTC172456	ATC TIRES PRIVATE LIMITED	Director	16/09/2011	15/11/2010	12/06/2013	Active	NO

Name :

Mr. Krishnamoorty Iyer Manikanteswaran

Designation :

Directors

Address :

84, Angarai Lalgudi P.O.Trichy – 621601, Tamilnadu, India

Date of Birth/Age :

01.02.1927

Date of Appointment :

24.09.2010

DIN No.:

00573271

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	Company/ LLP Status	Defaulting status
1	U60221TN1946PLC002582	SOUTHERN ROADWAYS LIMITED	Director	12/03/1962	12/03/1962	Active	NO
2	U27209TN1962PLC004760	TVS SEWING NEEDLES LIMITED	Director	14/09/1984	14/09/1984	Active	NO
3	U17111TN1960PLC004340	SUNDARAM TEXTILES LIMITED	Director	23/08/2005	23/08/2005	Active	NO

Name :

Mr. Ramesh Mridula

Designation :

Directors

Address :

18, Jawahar Road, Chokkikulam, Mumbai – 625002, Tamilnadu, India

Date of Birth/Age :

05.01.1975

Date of Appointment :

15.09.2011

DIN No.:

00557263

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	Company/ LLP Status	Defaulting status
1	U85110KA1995PTC019206	T.V.S HERITAGE TOURS PRIVATE LIMITED	Director	09/05/1997	09/05/1997	Strike off	NO
2	U17111TN1982PTC009662	DATTATREYA TEXTILES PRIVATE LIMITED	Director	30/10/1998	30/10/1998	Active	NO
3	U17293TN1998PTC040328	ATHREYA TEXTILES PRIVATE LIMITED	Director	05/03/2003	05/03/2003	Active	NO
4	U17111TN1960PLC004340	SUNDARAM TEXTILES LIMITED	Whole-time director	10/03/2006	10/03/2006	Active	NO
5	U60221TN1946PLC002582	SOUTHERN ROADWAYS LIMITED	Director	03/07/2007	03/07/2007	Active	NO

Name :

Mr. Guruswami Somasundaram

Designation :

Directors

Address :

Plot No. 354, Anna Nagar, Madurai – 625020, Tamilnadu, India

Date of Birth/Age :

15.07.1928

Date of Appointment :

15.09.2011

DIN No.:

01661085

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	Company/ LLP Status	Defaulting status
1	U60221TN1946PLC002582	SOUTHERN ROADWAYS LIMITED	Director	29/08/1981	29/08/1981	Active	NO
2	U27209TN1962PLC004760	TVS SEWING NEEDLES LIMITED	Director	30/09/1983	30/09/1983	Active	NO
3	U17111TN1960PLC004340	SUNDARAM TEXTILES LIMITED	Director	28/06/2007	28/06/2007	Active	NO

MAJOR SHAREHOLDERS

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 25.09.2013

Category	Percentage
Bodies corporate	70
Directors or relatives of Directors	7
Other top fifty shareholders	23
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of open-end spun, carded and combed, gassed and mercerized single and doubled yarns on hanks and cones for knitting.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Grand Central Branch, 118 B West Perumal Maistry Street, Madurai - 625001, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Term Loans from Banks	68.297	72.787
SHORT TERM BORROWINGS
Loans repayable on Demand from Banks
Cash Credit Facilities	97.551	98.051
Total	165.848	170.838

Banking Relations :	--
Auditors :
Name :	Sundaram and Srinivasan Chartered Accountants
Address :	Old No. 111, New No.250, P T Rajan Road, Madurai – 625014, Tamilnadu, India
PAN No.:	AAAFS8812J
Holding Company :	T.V. Sundram Iyengar and Sons Limited
Associates :	Southern Roadways Limited

CAPITAL STRUCTURE

AS ON 25.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 Millions
10000	Preference Shares	Rs.100/- each	Rs.1.000 Millions
	Total		Rs.8.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45000	Equity Shares	Rs.100/- each	Rs.4.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.500	4.500	4.500
(b) Reserves & Surplus	272.796	255.734	263.587
(c) Money received against share warrants	0.000	0.000	0.000
			0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	277.296	260.234	268.087
(3) Non-Current Liabilities
(a) long-term borrowings	68.297	72.787	114.012
(b) Deferred tax liabilities (Net)	66.073	64.364	67.871
(c) Other long term liabilities	3.600	0.000	0.000
(d) long-term provisions	2.755	3.351	5.629
Total Non-current Liabilities (3)	140.725	140.502	187.512
(4) Current Liabilities
(a) Short term borrowings	120.907	106.031	168.750
(b) Trade payables	42.408	12.398	17.820
(c) Other current liabilities	74.679	57.580	25.932
(d) Short-term provisions	9.586	5.306	10.136
Total Current Liabilities (4)	247.580	181.315	222.638
TOTAL	665.601	582.051	678.237
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	391.604	379.873	395.007
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.690	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	15.710	18.297	16.122
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	411.004	398.180	411.139
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	194.384	113.384	189.664
(c) Trade receivables	37.759	49.335	61.568
(d) Cash and cash equivalents	1.417	1.430	1.007
(e) Short-term loans and advances	21.037	19.722	14.859
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	254.597	183.871	267.098
TOTAL	665.601	582.051	678.237

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations		593.011	550.902	549.933
		Other Income		1.211	0.987	1.257
		TOTAL		594.222	551.889	551.190
Less	EXPENSES
		Cost of material consumed		250.059	258.827	256.782
		Purchase of stock in trade		1.102	4.920	2.873
		Employee benefit expenses		73.998	66.965	57.179
		Other expense		203.505	159.605	148.348
		Changes in inventories		(19.045)	12.263	(11.126)
		TOTAL		509.619	502.580	454.056
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			84.603	49.309	97.134
Less	FINANCIAL EXPENSES			19.378	26.130	20.073
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			65.225	23.179	77.061
Less	DEPRECIATION/ AMORTISATION			35.918	34.016	33.688
	PROFIT/LOSS BEFORE TAX			29.307	(10.837)	43.373
Less	TAX			7.507	(3.507)	17.270
	PROFIT/LOSS AFTER TAX			21.800	(7.330)	26.103
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			NA	52.681	40.645
Less	APPROPRIATIONS
			Transfer to General Reserve	NA	NA	5.000
			Special Reserves	NA	NA	3.000
			Proposed Interim Dividend	NA	NA	5.220
			Tax on Interim Dividend	NA	NA	0.847
	BALANCE CARRIED TO THE B/S			NA	NA	52.681
	EARNINGS IN FOREIGN CURRENCY			66.152	93.316	116.387
	IMPORTS
		Raw Materials		37.675	0.000	0.000
		Stores & Spares		2.573	0.671	2.013
		Capital Goods		0.000	0.000	42.830
	TOTAL IMPORTS			40.248	0.671	44.843
	Earnings Per Share (Rs.)			484.44	162.88	580.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.67	(1.33)	4.74
Net Profit Margin (PBT/Sales)	(%)	4.94	(1.97)	7.89
Return on Total Assets (PBT/Total Assets}	(%)	4.54	(1.92)	6.55
Return on Investment (ROI) (PBT/Networth)		0.11	(0.04)	0.16
Debt Equity Ratio (Total Debt /Networth)		0.68	0.69	1.05
Current Ratio (Current Asset/Current Liability)		1.03	1.01	1.20

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	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
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
SHORT TERM BORROWINGS
Loans repayable on Demand from Banks	4.547	7.435
Buyer’s Credit	18.186	0.000
Trade Deposits	0.623	0.545
Total	23.356	7.980

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10073534	17/10/2007	530,000.00	CANARA BANK	GRAND CENTRAL BRANCH, 118-B, WEST PERUMAL MAISTR Y, MADURAI – 625001, TAMIL NADU, INDIA	A25769258
2	90293028	19/06/2002	780,000.00	CANARA BANK	GRAND CENTRAL BRANCH, MADURAI - 625001, TAMIL NADU, INDIA	-
3	90293016	14/04/2002	16,500,000.00	CANARA BANK	WEST AVANI MOOLA STREET, MADURAI - 625001, TAMIL NADU, INDIA	-
4	90293953	08/12/2001	30,000,000.00	CANARA BANK	GRAND CENTRAL BRANCH, MADURAI - 625001, TAMIL NADU, INDIA	-
5	90292764	14/07/1999	9,367,000.00	THE CANARA BANK	GRAND CENTRAL BRANCH, MADURAI - 625001, TAMIL NADU, INDIA	-
6	90293816	31/03/1999	10,000,000.00	CANARA BANK	GRAND CENTRAL BRANCH, MADURAI - 625001, TAMIL NADU, INDIA	-
7	90292674	06/11/1998	21,600,000.00	CANARA BANK	GRAND CENTRAL BRANCH, MADURAI - 625001, TAMIL NADU, INDIA	-
8	90291456	05/07/2006 *	149,800,000.00	CANARA BANK	WEST AVANI MOOLA STREET, MADURAI - 625001, TAMIL NADU, INDIA	-
9	90292496	08/07/1997	10,000,000.00	CANARA BANK	14 WEST AVANI MOOLA ST, MADURAI - 625001, TAMIL NADU, INDIA	-
10	90292481	11/06/1997	4,000,000.00	CANARA BANK	14 WEST AVANI MOOLA ST, MADURAI - 625001, TAMIL NADU, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and machinery

· Office Equipments

· Furniture and Fixture

· 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 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 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.61.87
UK Pound	1	Rs.101.10
Euro	1	Rs.84.65

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.