MIRA INFORM REPORT

Report Date :

22.07.2013

IDENTIFICATION DETAILS

Name :	D C MILLS PRIVATE LIMITED
Registered Office :	No. 134, Imannanchery Panchayath, Valavanadu, Kalavoor P O, Alapuzha – 688522, Kerala
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.02.1996
Com. Reg. No.:	09-009988
Capital Investment / Paid-up Capital :	Rs. 25.000 Millions
CIN No.: [Company Identification No.]	U25199KL1996PTC009988
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter of Carpet Rugs, Door Mats and Bath Mats.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 1100000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The latest profit and loss statement or schedules as on 2012 are not available. As per the balance sheet as on 2012 the position of reserves appears to be fair. But the external borrowings are huge and have increased over previous year which may affect the working cycle as well as the liquidity position of the company. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings with some 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 – 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

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. 134, Imannanchery Panchayath, Valavanadu, Kalavoor P O, Alapuzha – 688522, Kerala, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	dcmills@specturm.net.in
Website :	http://www.dcmills.in
Head Office :	P.B. No. 169, Cocodale, M.O. Ward, Alleppey-688001, Kerala, India
Tel. No.:	91-477-2249902/ 2249901/ 2259695/ 3290325
Fax No.:	91-477-2259695/ 2251201/ 2251301
E-Mail :	konath@mdz.vsnl.net.in dcmills@spectrum.net.in

DIRECTORS

As on: 30.09.2012

Name :

Mr. Konath Jacob Dennis

Designation :

Managing Director

Address :

Coco Dale, M.O.Ward, Alappuzha-688011, Kerala, India

Date of Birth/Age :

09.10.1956

Date of Appointment :

26.12.2008

DIN No.:

00121856

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	U25199KL1996PTC009988	D C Mills Private Limited	Managing director	26/12/2008	07/02/1996	-	Active	NO
2	U72200KL1999PTC013465	Wave Online Infoway Private Limited	Director	29/11/1999	29/11/1999	-	Active	NO
3	U14102KL1996PTC010070	The Black Marble Granites Private Limited	Director	20/07/2004	20/07/2004	-	Active	NO
4	U17226KL2004PTC017548	Euro Mats Private Limited	Managing director	26/10/2004	26/10/2004	-	Active	NO
5	U17226KL2005PTC018509	Detilish Rugs Private Limited	Director	08/08/2005	08/08/2005	-	Active	NO
6	U27102KL2006PTC019060	Dennis Steels Private Limited	Managing director	26/12/2008	12/01/2006	-	Active	NO
7	U17119KL2005PTC018518	Alappuzha Natural Fibre Infrastructure Development Company Private Limited	Director	30/03/2006	30/03/2006	-	Active	NO
8	U45204TN2008PTC070273	Dennis Infra Private Limited	Director	23/12/2008	23/12/2008	-	Active	NO

Name :

Mr. Sholly Dennis

Designation :

Director

Address :

Coco Dale, M.O.Ward, Alappuzha-688011, Kerala, India

Date of Birth/Age :

04.11.1957

Date of Appointment :

26.12.2008

DIN No.:

01534821

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	U25199KL1996PTC009988	D C Mills Private Limited	Director	26/12/2008	17/02/1996	-	Active	NO
2	U14102KL1996PTC010070	The Black Marble Granites Private Limited	Director	20/07/2004	20/07/2004	-	Active	NO
3	U17226KL2004PTC017548	Euro Mats Private Limited	Director	26/10/2004	26/10/2004	-	Active	NO
4	U17226KL2005PTC018509	Detilish Rugs Private Limited	Director	08/08/2005	08/08/2005	-	Active	NO
5	U27102KL2006PTC019060	Dennis Steels Private Limited	Director	12/01/2006	12/01/2006	-	Active	NO
6	U45204TN2008PTC070273	Dennis Infra Private Limited	Director	23/12/2008	23/12/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Names of Shareholders	No. of Shares
K J Dennis	1750000
Sholly Dennis	750000
Total	2500000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporter of Carpet Rugs, Door Mats and Bath Mats.
Products :	· Coir Mats · Washable Rugs · Jute Rugs · Sisal Rugs · Bamboo Rugs · Coir Rugs

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· State Bank of India, Alappuzha Branch, Beach Road, Alappuzha – 682012, Kerala, India · HDFC Bank Limited · ICICI Bank Limited

Banking Relations :	--
Auditors :
Name :	K K Padmanabha Pillai and Company Chartered Accountants
Address :	Deepthi, Palace Ward, Apaluzha – 688010, Kerala, India
Tel. No.:	91-477-2261179
PAN No.:	AGUPP1834H

CAPITAL STRUCTURE

As on: 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	25.000	25.000
(b) Reserves & Surplus	252.877	455.473
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	277.877	480.473
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	26.120	6.720
(d) long-term provisions	12.205	10.538
Total Non-current Liabilities (3)	38.325	17.258
(4) Current Liabilities
(a) Short term borrowings	1185.247	1164.102
(b) Trade payables	74.439	88.637
(c) Other current liabilities	129.631	31.416
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	1389.317	1284.155
TOTAL	1705.519	1781.886
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	364.321	390.717
(ii) Intangible Assets	0.477	0.651
(iii) Capital work-in-progress	5.357	26.704
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	321.012	320.996
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	81.129	80.415
(e) Other Non-current assets	181.947	178.690
Total Non-Current Assets	954.243	998.173
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	573.972	578.984
(c) Trade receivables	103.476	55.847
(d) Cash and cash equivalents	27.679	50.450
(e) Short-term loans and advances	44.870	86.156
(f) Other current assets	1.279	12.276
Total Current Assets	751.276	783.713
TOTAL	1705.519	1781.886

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		25.000
2] Share Application Money		0.000
3] Reserves & Surplus		733.177
4] (Accumulated Losses)		0.000
NETWORTH		758.177
LOAN FUNDS
1] Secured Loans		867.853
2] Unsecured Loans		3.029
TOTAL BORROWING		870.882
DEFERRED TAX LIABILITIES		0.000
TOTAL		1629.059
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		473.284
Capital work-in-progress		0.000
INVESTMENT		301.288
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	574.750
	Sundry Debtors	266.347
	Cash & Bank Balances	36.668
	Other Current Assets	0.000
	Loans & Advances	106.593
Total Current Assets		984.358
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	123.079
	Provisions	6.792
Total Current Liabilities		129.871
Net Current Assets		854.487
MISCELLANEOUS EXPENSES		0.000
TOTAL		1629.059

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2011	31.03.2010
TURNOVER	642.600	941.700
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(96.800)	NA
FINANCIAL EXPENSES	117.800	NA
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	(214.500)	NA
DEPRECIATION/ AMORTISATION	63.400	NA
PROFIT / (LOSS) BEFORE TAX	(277.900)	2.600
TAX	NA	NA
PROFIT AFTER TAX	NA	NA
Earnings Per Share (Rs.)	--	1.05

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	(19.38)	0.18
Return on Investment (ROI) (PBT/Networth)		NA	(0.58)	0.00
Debt Equity Ratio (Total Debt/Networth)		4.27	2.42	1.15
Current Ratio (Current Asset/Current Liability)		0.55	0.61	7.57

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 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	No
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

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. 59.80
UK Pound	1	Rs. 91.03
Euro	1	Rs. 78.52

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
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	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.