MIRA INFORM REPORT

Report Date :

24.05.2013

IDENTIFICATION DETAILS

Name :	NIRMALA MONOFIL PRIVATE LIMITED
Registered Office :	Myleripalayam Pirivu, Myleripalayam Post, Pollachi Main Road, Coimbatore-641032, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.05.2002
Com. Reg. No.:	18-013921
Capital Investment / Paid-up Capital :	Rs.27.000 Millions
CIN No.: [Company Identification No.]	U17297TZ2002PTC013921
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Nylon Fishing Net.
No. of Employees :	300 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 361000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in the profitability during 2012. However, general financial position seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual trade 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE2B
Rating Explanation	Performance capability is high and financial strength is moderate
Date	October 2012

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 DECLINED BY

Name :	Mr. Ravichandran
Designation :	Accounts Manager
Contact No.:	91-9865492570
Date :	23.05.2013

LOCATIONS

Registered Office :	Myleripalayam Pirivu, Myleripalayam Post, Pollachi Main Road, Coimbatore-641032, Tamilnadu, India
Tel. No.:	91-422-2611732/ 2611733/ 3092880
Mobile No.:	91-9865492570 [Mr. Ravichandran]
Fax No.:	Not Available
E-Mail :	nirmalamonofil@yahoo.com
Factory :	Located at Coimbatore, Tamilnadu, India

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Biju Thomas
Designation :	Managing Director
Address :	No. 22/594, CML, Arackaparambil House, Cherthala Post, Alleppey-688524, Kerala, India
Date of Birth/Age :	13.07.1968
Date of Appointment :	06.05.2002
Din No.:	01321221
Name :	Ginoy Joseph
Designation :	Director
Address :	Chennoth Gisto Villa, Kokkothamangalam Post, Cherthala, Alapuzha-688583, Kerala, India
Date of Birth/Age :	29.09.1979
Date of Appointment :	06.05.2002
Din No.:	00691004
Name :	Geenamma Francis
Designation :	Director
Address :	Mattathil House, Near Assissi, Bharananganam Post, Palakottayam-686578, Kerala, India
Date of Birth/Age :	25.05.1973
Date of Appointment :	06.05.2002
Din No.:	02499956
Name :	Elamma Parakattel
Designation :	Director
Address :	6/1694, Kallat Veedu, Karimbam Post, Taliparamba, Kannur-670142, Kerala, India
Date of Birth/Age :	24.08.1955
Date of Appointment :	06.05.2002
Din No.:	01321203
Name :	Terry John
Designation :	Director
Address :	Kallat Court Road, Taliparamba, Kannur-670141, Kerala, India
Date of Birth/Age :	24.01.1981
Date of Appointment :	06.05.2002
Din No.:	01313245

KEY EXECUTIVES

Name :	Mr. Ravichandran
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Biju Thomas	54000
Bency Biju	54000
Ginoy Joseph	27000
Geenamma Francis	40500
Alamma John	28750
Terry John	28750
Gisto Joseph	27000
Jerry John	10000
TOTAL	270000

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Nylon Fishing Net.

GENERAL INFORMATION

No. of Employees :

300 [Approximately]

Bankers :

The Federal Bank Limited, Rajkamal Towers, 309, Avinashi Road, Coimbatore-641004, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Rupee Term Loans From Banks [Term loans from banks are secured by hypothecation of 8.16 acres of land at Seerapalayam Village along with the factory building, 1.28 acres of land at Myleripalayam Village along with factory building and the plant and machineries of the company]	3.205	0.000
Foreign Currency Loans	11.816	18.026
Vehicles Loans	0.466	0.412
Working Capital Loans From Banks [Working capital loans from Federal Bank is primarily secured by hypothecation of inventories and book debts of the company]	39.671	35.215
TOTAL	55.158	53.653

Banking Relations :	--
Auditors :
Name :	G. Palaniswami Chartered Accountants
Address :	68, V.G. Rao Nagar, EB Colony, Ganapathy, Coimbatore-641006, Tamilnadu, India
Tel No.:	91-422-2520849 [Office] 91-422-2534848 [Residential]
Mobile No.:	91-9843075413
PAN No:	AEKPP9545D
Other Related Parties :	Nirmala Polyropes India Private Limited Nirmala Filaments India Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
270000	Equity Shares	Rs.100/- each	Rs.27.000 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		27.000	27.000	27.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		63.354	56.516	41.820
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		90.354	83.516	68.820
LOAN FUNDS
1] Secured Loans		55.158	53.653	68.737
2] Unsecured Loans		0.000	0.000	1.308
TOTAL BORROWING		55.158	53.653	70.045
DEFERRED TAX LIABILITIES		5.521	6.748	7.306
TOTAL		151.033	143.917	146.171
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		63.498	71.891	83.007
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	64.838	75.118	35.864
	Sundry Debtors	38.041	50.358	58.579
	Cash & Bank Balances	6.830	8.758	8.324
	Other Current Assets	0.000	0.023	0.000
	Loans & Advances	10.141	4.997	6.563
Total Current Assets		119.850	139.254	109.330
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.736	44.136	30.601
	Other Current Liabilities	7.061	12.018	1.964
	Provisions	3.518	11.074	13.648
Total Current Liabilities		32.315	67.228	46.213
Net Current Assets		87.535	72.026	63.117
MISCELLANEOUS EXPENSES		0.000	0.000	0.047
TOTAL		151.033	143.917	146.171

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	395.147	387.583	372.533
		Other Income
		TOTAL	395.147	387.583	372.533
Less	EXPENSES
		Office Expenses	374.496	346.664	330.393
		Administrative Expenses
		Advertising Expenses
		TOTAL	374.496	346.664	330.393
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		20.651	40.919	42.140
Less/ Add	DEPRECIATION/ AMORTISATION		10.305	12.404	13.743
	PROFIT / (LOSS) BEFORE TAX		10.346	28.515	28.397
Less	TAX		2.773	10.442	10.985
	PROFIT / (LOSS) AFTER TAX		7.573	18.073	17.412
	SHORT PROVISION FOR IT		0.834	(0.239)	0.015
	APPROPRIATIONS
		Proposed Dividend	1.350	2.700	0.270
		Tax on Dividend	0.219	0.438	0.448
	BALANCE TRANSFERRED TO GENERAL RESERVES		6.838	14.696	14.279
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	39.273	31.715	NA
	TOTAL EARNINGS		39.273	31.175	NA
	IMPORTS
		Raw Materials and Components	26.063	30.208	NA
	TOTAL IMPORTS		26.063	30.208	NA
	Earnings Per Share (Rs.)		28.05	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.92	4.66	4.67
Return on Total Assets (PBT/Total Assets}	(%)	5.64	13.50	14.76
Return on Investment (ROI) (PBT/Networth)		0.11	0.34	0.41
Debt Equity Ratio (Total Debt/Networth)		0.61	0.64	1.02
Current Ratio (Current Asset/Current Liability)		3.71	2.07	2.37

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

NOTE:

The registered office of the company has been shifted from Door No. 389, CMC Vchennoth Building, Cherthala, Alapuzha-688524, Kerala, India to the present address w.e.f.06.08.2007.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Computer and Accessories
• Motor Vehicles
• Furniture and Fittings

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] 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.55.99
UK Pound	1	Rs.84.19
Euro	1	Rs.71.86

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT / DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.