MIRA INFORM REPORT

Report Date :

28.01.2013

IDENTIFICATION DETAILS

Name :	MARIS ASSOCIATES PRIVATE LIMITED
Registered Office :	168, North Cotton Road, Tuticorin – 628001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.06.1987
Com. Reg. No.:	18-014548
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U22121TN1987PTC014548
TAN No.: [Tax Deduction & Collection Account No.]	MRIM00942E
PAN No.: [Permanent Account No.]	AACFM1754D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of all types of Polypropylene Woven Sacks and FIBC's.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 290000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company appears to be low and external borrowing of the company seems to be huge. However, the performance capacity of the company seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with slight caution.

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/ Head Office :	168, North Cotton Road, Tuticorin – 628001, Tamilnadu, India
Tel. No.:	91-461-2326709/ 2326809/ 2326446/ 2326581
Fax No.:	91-461-2326446/ 2326581/ 2340073
E-Mail :	info@marisfibc.in jtfandco@gmail.com office@marisfibc.in
Website :	http://www.marisfibc.in
Factory :	C-102, SIPCOT Industrial Complex, Tuticorin - 628008, Tamilnadu, India
Tel. No.:	91-461-2340166

DIRECTORS

As on: 29.09.2012

Name :	Mr. Marimuthu Nadar Velayutham Subramanian
Designation :	Managing Director
Address :	75C, Toovipuram, II Street, Tuticorin – 628 001, Tamilnadu, India
Date of Birth/Age :	19.09.1949
Date of Appointment :	19.08.1987
DIN No.:	00604018
Name :	Mr. Marimuthu Nadar Velayutham Sivaraman
Designation :	Director
Address :	No.2, Ganesh Nagar, Tuticorin – 628 008, Tamilnadu, India
Date of Birth/Age :	04.05.1959
Date of Appointment :	19.04.2002
DIN No.:	00626865

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
M. Velayutham	3650
M.V. Kamaladevi	550
M.V. Subramanian	4510
S. Sasikala	300
S. Sankar Marimuthu	200
S. Malar Sankar Marimuthu	110
S. Sridevi	160
S. Kamatchi	70
R. Athipat Pandian	50
M.V. Muthurajan	4510
Sivaganesasundar	300
M. Ganesh Marimuthu	120
G. Anitha	90
M. Srinivas Marimuthu	120
M. Vani Gandhi	160
G. Akshya Kamalashrea	50
M. Ezhil Arasu	50
M.V. Sivaraman	4510
S. Vimala	300
S. Hariharan Marimuthu	310
S. Mahalakshmi	280
M.V. Lakshmanan	4510
L. Vijayamala	300
L. Diviya	160
L. Srinidhi	210
L. Vaishnavi	220
M.E. Muthukumar	3310
M. Sharmila	300
M. Reshikesanmarimuthu	300
M. Karthikmarimuthu	290
Total	30000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of all types of Polypropylene Woven Sacks and FIBC's.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Federal Bank Limited, 45, Palayankottai Road, Thoothukudi – 628 002, Tamilnadu, India

· The Lakshmi Vilas Bank Limited, 31, Emperor Street, Tuticorin, Tamilnadu, India

· Tamilnad Mercantile Bank Limited, Tuticorin, Tamilnadu, India

· The Lakshmi Vilas Bank Limited, Salem Road, Kathaparai PO, Karur – 639 006, Tamilnadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Term loans	227.710	153.733
Short Term Borrowings
Loans repayable on demand from banks	163.868	155.168
Total	391.578	308.901
Note: Long Term Borrowings Indian rupee loan / foreign currency loan is secured by hypothecation of Plant and Machinery. Vehicles and Buildings of the company pertaining to Manufacturing Division. Further the loan was guaranteed by the personal guarantee of the of the managing directors and Relatives. Short Term Borrowings Cash credit from banks is secured against margin money deposits, investment property, Stock in trade and second charge on all trade receivable. Further the loan was guaranteed by the personal guarantee of the of the managing directors and Relatives.

Banking Relations :	--
Auditors :
Name :	J. Thomas Fernando and Company Chartered Accountants
Address :	40, Pereira Street, Tuticorin – 628001, Tamilnadu, India
Tel. No.:	91-461-2320558, 2331190
Fax No.:	91-461-2331180
E-Mail :	ttn_jtfardco@dataone.in
PAN.:	AABFJ2535Q

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.1000/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.000	30.000	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		44.998	40.579	35.609
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		74.998	70.579	65.609
LOAN FUNDS
1] Secured Loans		391.578	308.901	196.079
2] Unsecured Loans		4.602	16.252	39.625
TOTAL BORROWING		396.180	325.153	235.704
DEFERRED TAX LIABILITIES		0.000	0.000	2.271
TOTAL		471.178	395.732	303.584
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		257.071	208.274	145.993
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		19.580	9.810	9.810
DEFERREX TAX ASSETS		3.363	(0.416)	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.573	100.193	63.794
	Sundry Debtors	80.209	101.054	97.113
	Cash & Bank Balances	14.840	14.473	35.504
	Other Current Assets	0.055	0.066	0.000
	Loans & Advances	75.492	7.580	22.985
Total Current Assets		247.169	223.366	219.396
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.326	37.385	50.342
	Other Current Liabilities	22.194	0.237	0.000
	Provisions	9.485	7.680	21.350
Total Current Liabilities		56.005	45.302	71.692
Net Current Assets		191.164	178.064	147.704
MISCELLANEOUS EXPENSES		0.000	0.000	0.077
TOTAL		471.178	395.732	303.584

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	873.893	696.503	598.831
		Other Income
		TOTAL (A)	873.893	696.503	598.831
Less	EXPENSES
		Office Expenses	774.697	612.435	535.627
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	774.697	612.435	535.627
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		99.196	84.068	63.204
Less	FINANCIAL EXPENSES (D)		32.326	24.672	18.553
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		66.870	59.396	44.651
Less/ Add	DEPRECIATION/ AMORTISATION (F)		57.830	53.721	37.763
	PROFIT BEFORE TAX (E-F) (G)		9.040	5.675	6.888
Less	TAX (H)		4.622	0.705	1.604
	PROFIT AFTER TAX (G-H) (I)		4.418	4.970	5.284
	Earnings Per Share (Rs.)		147.27	166.00	176.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.51	0.71	0.88
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.79	1.15	1.89
Return on Investment (ROI) (PBT/Networth)		0.12	0.08	0.10
Debt Equity Ratio (Total Liability/Networth)		6.03	5.25	4.69
Current Ratio (Current Asset/Current Liability)		4.41	4.93	3.06

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

UNSECURED LOAN:

Particulars	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Loans and advances from related parties	4.602	16.252
Total	4.602	16.252

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U22121TN1987PTC014548
Name of the company	MARIS ASSOCIATES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	168, North Cotton Road, Tuticorin – 628 001, Tamilnadu, India jtfandco@gmail.com
This form is for	Creation of charge
Type of charge	Immovable Property Movable Property (not being pledge)
Particular of charge holder	The Federal Bank Limited, 45, Palayankottai Road, Thoothukudi – 628 002, Tamilnadu, India ttn@federalbank.co.in
Nature of instrument creating charge	Agreement dated 28.08.2012 for Rs.20.000 Million
Date of instrument Creating the charge	28.08.2012
Amount secured by the charge	Rs.20.000 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 6 M Libor plus 790 bps interest to be reset half yearly Terms of Repayment 54 Equal Monthly installments Margin Machinery – 15% Building – 39% Extent and Operation of the charge To be extent of charges of Rs. 20.000 Millions

FIXED ASSETS:

· Land

· Building

· Furniture and Fittings

· Office Equipments

· Vehicles

· Gets Potamac - Car

· Circular Looms

· Generator

· KEC - Static Invertor

· Machineries

· Canon Copier Machine

· Stitching Machine

· Tape Plant

· Car Purchase

· Hero Honda

· Plant and Machinery

· Cheese Winder

· Yarn Sapin Mahcine

· Twisting Machine

· 75 KW Stactic Invertor

· Chilling Plant

· Voltage Stabliser

· Krislon Twister

· Transformer

· Plant

· Sewing Machine

· Bus

· Computers

· Wind Mill

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.53.85
UK Pound	1	Rs.85.26
Euro	1	Rs.71.72

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.