MIRA INFORM REPORT

Report Date :

31.07.2013

IDENTIFICATION DETAILS

Name :	EDATHALA POLYMERS PRIVATE LIMITED
Registered Office :	Enjakudy North Edathala P O EP//III/72, Alwaye, Ernakulam -683564, Kerala
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.04.1993
Com. Reg. No.:	09-007091
Capital Investment / Paid-up Capital :	Rs. 6.902 Millions
CIN No.: [Company Identification No.]	U24134KL1993PTC007091
TAN No.: [Tax Deduction & Collection Account No.]	CHNE01060D
PAN No.: [Permanent Account No.]	AAACE5065G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Dealer and Exporter of High Quality Technically Specified Rubber
No. of Employees :	80 (Approximately)

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 130000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Profitability of the company seems to be low. However, 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 – 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.

INFORMATION PARTED BY

Name :	Mr. Shiyasali Mezhukkattil Mohamedali
Designation :	Director
Contact No.:	91-484-2837302
Date :	27.07.2013

LOCATIONS

Registered Office :	Enjakudy North Edathala P O EP//III/72, Alwaye, Ernakulam – 683564, Kerala, India
Tel. No.:	91-484-2637302/ 2638981/ 3295494
Fax No.:	91-484-2638614/ 2838614
E-Mail :	mail@gja.co.in edathala.polymers@gmail.com
Website :	www.eplrubber.com
Factory :	North Edathala, Aluva – 683564, Kerala, India
Area :	40000 sq.ft.
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :	Mr. Mezhukattil Beeran Muhammad Ali
Designation :	Managing Director
Address :	Mezhukkattil House, Erumathala P O Aluva, Ernakulam - 683105, Kerala, India
Date of Birth/Age :	01.03.2051
Date of Appointment :	20.08.1996
DIN No.:	00851142
PAN No.:	ADWPM2206K
Name :	Mr. Ubais Ali Muhammedali Mezhukkattil
Designation :	Director
Address :	Mezhukkattil House, Erumathala P O Aluva, Ernakulam - 683105, Kerala, India
Date of Birth/Age :	02.08.1981
Date of Appointment :	09.01.2003
DIN No.:	01159929
PAN No.:	AAXPU8272B
Name :	Mr. Shiyasali Mezhukkattil Mohamedali
Designation :	Director
Address :	Mezhukkattil House, Erumathala P O Aluva, Ernakulam - 683105, Kerala, India
Date of Birth/Age :	02.11.1978
Date of Appointment :	09.01.2003
DIN No.:	01915702
PAN No.:	AHVPM3854E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Mohammed Ali M. B.	2292
Hajira Mohammed Ali	1035
Shiyas Ali M M	1788
Ubais Ali M M	1787
Total	6902

As on 29.09.2012

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, Dealer and Exporter of High Quality Technically Specified Rubber.
Exports :
Products :	Natures Rubber in Primary Forms.
Countries :	European and Asian Countries
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

80 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

• IDBI Bank Limited, Panampilly Nagar, P B No. 4253, Kochi - 682036, Kerala, India

• Industrial Development Bank of India Limited, Dhanwanthari Building, Near Padma Theater, M G Road, Cochin - 682035, Kerala, India

• State Bank of Travancore, Aluva Branch, Catholic Centre, Aluva - 683101, Kerala, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Rupee term loans from banks (The loan is secured by way of first charge on all movable and immovable properties of the company.)	0.766	2.811
Rupee term loans from banks (Cash Credit Loan from HDFC Bank secured by way of first charge on stocks, book debts etc)	10.215	2.254
Short -term borrowings
Foreign currency term loans from banks	0.000	32.382
Loans taken for vehicles	0.433	0.886
Total	11.414	38.333

Banking Relations :	---
Auditors :
Name :	G. Joseph and Associates Chartered Accountant
Address :	43/2428, Muttathil Lane, Kadavanthra, Cochin – 682 020, Kerala, India
PAN No.:	AABFG8900C

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7500	Equity Shares	Rs.1000/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6902	Equity Shares	Rs.1000/- each	Rs.6.902 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	6.902	6.902
(b) Reserves & Surplus	26.637	19.050
(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)	33.539	25.952
(3) Non-Current Liabilities
(a) long-term borrowings	43.086	38.417
(b) Deferred tax liabilities (Net)	1.788	2.577
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.765	0.701
Total Non-current Liabilities (3)	45.639	41.695
(4) Current Liabilities
(a) Short term borrowings	10.648	35.523
(b) Trade payables	6.346	5.968
(c) Other current liabilities	4.339	6.535
(d) Short-term provisions	0.410	2.062
Total Current Liabilities (4)	21.743	50.088
TOTAL	100.921	117.735
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.493	21.998
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.574	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.196	1.392
(e) Other Non-current assets	0.377	0.473
Total Non-Current Assets	24.640	23.863
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	39.361	25.115
(c) Trade receivables	29.843	52.191
(d) Cash and cash equivalents	0.732	1.218
(e) Short-term loans and advances	6.242	14.638
(f) Other current assets	0.103	0.710
Total Current Assets	76.281	93.872
TOTAL	100.921	117.735

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.902
2] Share Application Money		0.000
3] Reserves & Surplus		11.225
4] (Accumulated Losses)		0.000
NETWORTH		18.127
LOAN FUNDS
1] Secured Loans		30.631
2] Unsecured Loans		40.786
TOTAL BORROWING		71.417
DEFERRED TAX LIABILITIES		2.393
TOTAL		91.937
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.200
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.878
	Sundry Debtors	55.940
	Cash & Bank Balances	2.995
	Other Current Assets	12.220
	Loans & Advances	1.691
Total Current Assets		94.724
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	22.053
	Provisions	2.934
Total Current Liabilities		24.987
Net Current Assets		69.737
MISCELLANEOUS EXPENSES		0.000
TOTAL		91.937

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Income	1429.146	1180.059	813.768
	Other Income
	TOTAL	1429.146	1180.059	813.768
EXPENSES
	Office Expenses
	Administrative Expenses	1419.135	1167.418	807.098
	Advertising Expenses
	TOTAL	1419.135	1167.418	807.098
PROFIT BEFORE TAX		10.011	12.097	6.670
TAX		2.424	4.272	2.061
PROFIT AFTER TAX		7.587	7.825	4.609
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	19.572	118.972	232.503
TOTAL EARNINGS		19.572	118.972	23.503
6902
Earnings Per Share (Rs.)		1099.25	1133.73	667.78

Particulars	31.03.2013
Sales Turnover (Approximately)	1200.000
	Due to market Fluctuation

Expected Sales (2013-14) : More than Rs.1250.000 Millions

The above information has been parted by Mr. Shiyasali Mezhukkattil Mohamedali

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.53	0.66	0.57
Return on Total Assets (PBT/Total Assets}	(%)	9.98	10.27	5.70
Return on Investment (ROI) (PBT/Networth)		0.30	0.47	0.37
Debt Equity Ratio (Total Debt /Networth)		1.60	2.85	3.94
Current Ratio (Current Asset/Current Liability)		3.51	1.87	3.79

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

CORPORATE INFORMATION

Subject a Company registered under the Indian Companies Act, 1956. The Company is a manufacturer, dealer and exporter of high quality technically specified rubber (ISNR).

PERFORMANCE

The year showed upswing in income. The company have taxable income during the year under the provisions of the Income Tax Act, 1961.The Company acquired a net profit after tax of Rs. 7.587 Millions during the year 201112. The Directors are optimistic in improving performance in coming years and thus to wipe off entire loss brought forward from the previous years.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Loans and advances from directors	30.024	24.161
Loans and advances from others	12.296	11.446
Total	42.320	35.607

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10322392	30/11/2011	80,800,000.00	HDFC BANK LIMITED	HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India	B27562826
2	10238681	28/10/2011 *	80,800,000.00	HDFC BANK LIMITED	HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India	B26319350

* Date of charge modification

FIXED ASSETS:

• Land and Land Development
• Factory Building
• Other Civil Works
• Plant and Machinery
• Laboratory Equipments
• Electrification
• Furniture and Fittings
• Water Systems
• Office Equipments
• Weighing Balance
• Generator
• Lorry
• Two Wheeler
• Tools and Equipments

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.59.83
UK Pound	1	Rs.91.76
Euro	1	Rs.79.33

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	NTH

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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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

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.