MIRA INFORM REPORT

Report Date :

17.12.2014

IDENTIFICATION DETAILS

Name :	WILLIAM GOODACRE AND SONS INDIA PRIVATE LIMITED
Registered Office :	XVIII/1146, P B No. 4606, South Wadai, Canal Road, Alleppey-688012, Kerala
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.10.1972
Com. Reg. No.:	09-002453
Capital Investment / Paid-up Capital :	Rs.0.841 Million
CIN No.: [Company Identification No.]	U17214KL1972PTC002453
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	TVDW00047F
PAN No.: [Permanent Account No.]	AAACW2943D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Floor Covering Materials.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating is constrained on account of large working capital requirement. However, Net worth of the company is strong and healthy 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 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	Short Term Rating A4 +
Rating Explanation	Minimal Degree of safety and Very High Credit Risk
Date	28.12.2013

RBI DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. John Mathew
Designation :	Chief Finance Officer
Contact No.:	91-9447006427
Date :	12.12.2014

LOCATIONS

Registered Office :	XVIII/1146, P B No. 4606, South Wadai, Canal Road, Alleppey-688012, Kerala, India
Tel. No.:	91-477-2243662
Mobile No.:	91-9447006427 (Mr. John)
Fax No.:	91-477-2243124
E-Mail :	john_mathew@karan_carpets.com goodacre@vsnl.com
Website :	www.karan-group.com
Factory 1 :	Kalavoor, Alappuzha, Kerala, India

DIRECTORS

As on.: 30.09.2014

Name :

Mr. Karunakaran Nair Appukuttan

Designation :

Director

Address :

Devika, M10/50, Changampuzha Nagar, Add, Ernakullam, Kerala, India

Date of Birth/Age :

27.08.1943

Date of Appointment :

19.06.2006

DIN No.:

00009148

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	L24299KL1975PLC002691	Nitta Gelatin India Limited	Director	28/06/2008	01/04/1998	-	Active	NO
2	U24231KL1997PLC011971	BAMNI PROTEINS LIMITED	Director	20/04/1998	20/04/1998	27/06/2008	Active	NO
3	U29299KL1995PLC009664	CII GUARDIAN INTERNATIONAL LIMITED	Director	01/10/1999	01/10/1999	-	Active	NO
4	U24299KL1994PLC007681	MERCHEM LIMITED	Director	26/02/2001	26/02/2001	30/12/2013	Active	NO
5	U24299KL1951SGC001237	THE TRAVANCORE COCHIN CHEMICALS LIMITED	Nominee director	08/06/2001	08/06/2001	16/09/2009	Active	NO
6	U31102KL1996PTC010715	NORATEL INDIA POWER COMPONENTS PRIVATE LIMITED	Director	29/03/2003	29/03/2003	05/12/2009	Active	NO
7	U51505KL1997PTC011450	TOROID ASIA PRIVATE LIMITED	Director	30/09/2005	30/09/2005	26/04/2007	Active	NO
8	L24230MH1990PLC057062	STRIDES ARCOLAB LIMITED	Director	09/09/2014	27/10/2005	-	Active	NO
9	U65910KL1991PTC006106	GEOJIT CREDITS PRIVATE LIMITED	Director	08/07/2011	02/11/2005	-	Active	NO
10	U51494KL1948PTC000582	KERALA BALERS PRIVATE LTD	Director	19/06/2006	19/06/2006	-	Active	NO
11	U17214KL1972PTC002453	WILLIAM GOODACRE AND SONS INDIA PRIVATE LTD	Director	19/06/2006	19/06/2006	-	Active	NO
12	U52201KL1927PLC000005	THE ALLEPPEY COMPANY LIMITED	Director	19/06/2006	19/06/2006	-	Active	NO
13	U30008KL1985PLC004225	GUARDIAN CONTROLS LTD	Director	17/05/2008	17/05/2008	-	Active	NO
14	L31200KL1996PLC010010	V GUARD INDUSTRIES LIMITED	Director	29/07/2014	27/05/2009	-	Active	NO
15	U62100KL2012PTC032533	Seabird Seaplane Private Limited	Director	02/11/2012	02/11/2012	-	Active	NO

Name :

Mr. Narayanan Venugopal

Designation :

Director

Address :

Saras Arattuvazhy, A S Road, Alleppy-688007, Kerala. India

Date of Birth/Age :

23.05.1932

Date of Appointment :

02.12.2003

DIN No.:

00310381

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	U36104KL1940NPL001180	THE TRAVANCORE COIR MATS AND MATTING MANUFACTURERS ASSOCIATION.	Director	29/11/1988	29/11/1988	26/11/2008	Active	NO
2	U17239KL2001PTC014523	KARAN AND UEDA CARPET PRIVATE LIMITED	Director	06/02/2001	06/02/2001	-	Active	NO
3	U51494KL1948PTC000582	KERALA BALERS PRIVATE LTD	Director	02/12/2003	02/12/2003	-	Active	NO
4	U17214KL1972PTC002453	WILLIAM GOODACRE AND SONS INDIA PRIVATE LTD	Director	02/12/2003	02/12/2003	-	Active	NO
5	U17119KL2005PTC018518	ALAPPUZHA NATURAL FIBRE INFRASTRUCTURE DEVELOPMENT COMPANY PRIVATE LIMITED	Director	30/03/2006	30/03/2006	-	Active	NO
6	U52201KL1927PLC000005	THE ALLEPPEY COMPANY LIMITED	Director	30/06/2007	30/06/2007	-	Active	NO
7	U91200KL1939NPL000034	ASSOCIATED COTTAGE INDUSTRIES AND SHIPPERS UNION	Director	29/09/2007	29/09/2007	30/09/2010	Active	NO
8	U91900KL2009NPL024281	FEDERATION OF INDIAN COIR EXPORTERS' ASSOCIATIONS	Nominee director	08/06/2009	08/06/2009	26/09/2013	Active	NO

Name :

Mr. Vivek Venugopal Venugopal

Designation :

Managing director

Address :

Saras Arattuvazhy, A S Road, Alleppy-688007, Kerala. India

Date of Birth/Age :

11.12.1969

Date of Appointment :

02.12.2013

DIN No.:

00310138

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	U17214KL1972PTC002453	WILLIAM GOODACRE AND SONS INDIA PRIVATE LTD	Managing director	02/12/2013	05/08/1997	-	Active	NO
2	U17115KL1997PTC011434	KARINOS WEAVE PRIVATE LIMITED	Director	29/10/1997	29/10/1997	-	Active	NO
3	U52201KL1927PLC000005	THE ALLEPPEY COMPANY LIMITED	Director	02/12/2003	02/12/2003	-	Active	NO
4	U17239KL2001PTC014523	KARAN AND UEDA CARPET PRIVATE LIMITED	Director	05/02/2004	05/02/2004	-	Active	NO
5	U51494KL1948PTC000582	KERALA BALERS PRIVATE LTD	Director	06/01/2006	06/01/2006	-	Active	NO
6	U91200KL1939NPL000034	ASSOCIATED COTTAGE INDUSTRIES AND SHIPPERS UNION	Director	30/09/2010	30/09/2010	-	Active	NO
7	U91900KL2009NPL024281	FEDERATION OF INDIAN COIR EXPORTERS' ASSOCIATIONS	Nominee director	26/09/2013	26/09/2013	-	Active	NO

Name :

Mr. Ashok Venugopal

Designation :

Director

Address :

Saras Arattuvazhy, A S Road, Alleppy-688007, Kerala. India

Date of Birth/Age :

01.06.1965

Date of Appointment :

21.11.2000

DIN No.:

00310276

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	U17214KL1972PTC002453	WILLIAM GOODACRE AND SONS INDIA PRIVATE LTD	Director	21/11/2000	21/11/2000	-	Active	NO
2	U51494KL1948PTC000582	KERALA BALERS PRIVATE LTD	Managing director	21/11/2000	21/11/2000	-	Active	NO
3	U52201KL1927PLC000005	THE ALLEPPEY COMPANY LIMITED	Managing director	01/01/2011	21/11/2000	-	Active	NO
4	U36104KL1940NPL001180	THE TRAVANCORE COIR MATS AND MATTING MANUFACTURERS ASSOCIATION.	Director	26/11/2008	26/11/2008	-	Active	NO

Name :

Mr. Subhadra Revi Karunakaran

Designation :

Director

Address :

Shanti Bhavan, Alleppey-682001, Kerala, India

Date of Birth/Age :

27.11.1937

Date of Appointment :

28.04.1980

DIN No.:

00310351

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	U52201KL1927PLC000005	THE ALLEPPEY COMPANY LIMITED	Director	28/06/1978	28/06/1978	-	Active	NO
2	U17214KL1972PTC002453	WILLIAM GOODACRE AND SONS INDIA PRIVATE LTD	Director	28/04/1980	28/04/1980	-	Active	NO
3	U51494KL1948PTC000582	KERALA BALERS PRIVATE LTD	Director	18/05/1991	18/05/1991	-	Active	NO
4	U17239KL2001PTC014523	KARAN AND UEDA CARPET PRIVATE LIMITED	Director	06/02/2001	06/02/2001	-	Active	NO
5	U17115KL1997PTC011434	KARINOS WEAVE PRIVATE LIMITED	Director	09/05/2007	09/05/2007	-	Active	NO

Name :

Mr. Sugunendran Kesavan

Designation :

Director

Address :

Sushanth, V C N B Road, Alleppey-688001, Kerala, India

Date of Birth/Age :

19.05.1930

Date of Appointment :

31.03.1997

DIN No.:

00310415

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	U52201KL1927PLC000005	THE ALLEPPEY COMPANY LIMITED	Director	31/03/1982	31/03/1982	-	Active	NO
2	U36104KL1940NPL001180	THE TRAVANCORE COIR MATS AND MATTING MANUFACTURERS ASSOCIATION.	Director	30/09/1993	30/09/1993	22/12/2011	Active	NO
3	U17214KL1972PTC002453	WILLIAM GOODACRE AND SONS INDIA PRIVATE LTD	Director	31/03/1997	31/03/1997	-	Active	NO
4	U17115KL1997PTC011434	KARINOS WEAVE PRIVATE LIMITED	Director	14/05/1997	14/05/1997	-	Active	NO
5	U55101KL2010PTC026602	CAMELOT CORDIALITY HOTELS PRIVATE LIMITED	Director	26/08/2010	26/08/2010	-	Active	NO
6	U51494KL1948PTC000582	KERALA BALERS PRIVATE LTD	Whole-time director	28/12/2012	28/12/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. John Mathew
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.20134

Names of Shareholders	No. of Shares
Subhadra Revi Karunakaran	51647
Anstalt Ipanol	32468
Vivek Venugopal	01
Total	84116

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	39.00
Directors or relatives of Directors	61.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Floor Covering Materials.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Good
Countries :	USA Europe
Imports :
Products :	Raw Material
Countries :	Middle East
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers, and Manufacturer

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

250 (Approximately)

Bankers :

Banker Name	Indian Overseas Bank Limited
Branch Address	V S V Building, C C N B Road, Alappuzha-688011, Kerala, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
From Banks
Packing Credit Facilities	197.894	159.140
Loan Against Deposits	105.421	81.559
Total	303.315	240.699

Banking Relations :	--
Auditors :
Name :	Varma and Varma Chartered Accountants
Address :	Srinikethan, Nettipadam Road, Ernakulam - 682016, Kerala, India
PAN No.:	AABFV9555E
Memberships :	--
Subsidiary Company :	Karan and Ueda Carpets Private Limited Karinos Weave Private Limited CIN No.: U17115KL1997PTC011434
Other Related Parties :	Coir Produced Limited

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
84116	Equity Shares	Rs.10/- each	Rs.0.841 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.841	0.841	0.841
(b) Reserves & Surplus	355.261	301.098	229.104
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	356.102	301.939	229.945
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.677	3.597	2.666
Total Non-current Liabilities (3)	3.677	3.597	2.666
(4) Current Liabilities
(a) Short term borrowings	303.316	240.699	523.470
(b) Trade payables	86.908	110.678	86.577
(c) Other current liabilities	5.413	4.151	5.720
(d) Short-term provisions	14.884	3.938	10.712
Total Current Liabilities (4)	410.521	359.466	626.479
TOTAL	770.300	665.002	589.090
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	150.342	125.193	126.176
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	54.751	3.376	2.099
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7.686	4.538	4.572
(c) Deferred tax assets (net)	0.482	0.546	0.000
(d) Long-term Loan and Advances	20.213	30.753	28.115
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	233.474	164.406	160.962
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	137.837	126.112	85.171
(c) Trade receivables	63.050	58.235	59.367
(d) Cash and cash equivalents	221.482	213.778	209.053
(e) Short-term loans and advances	61.091	54.914	38.716
(f) Other current assets	53.366	47.557	35.821
Total Current Assets	536.826	500.596	428.128
TOTAL	770.300	665.002	589.090

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	NA	NA	NA
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		100.791	99.591	33.422
Less/ Add	DEPRECIATION/ AMORTISATION		14.489	14.352	11.712
	PROFIT BEFORE TAX		86.302	85.238	21.710
Less	TAX		30.343	25.571	5.346
	PROFIT AFTER TAX		55.959	59.667	16.364
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		100.868	41.200	24.836
	BALANCE CARRIED TO THE B/S		156.827	100.868	41.200
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	840.700	707.972	611.695
	TOTAL EARNINGS		840.700	707.972	611.695
	Earnings Per Share (Rs.)		66.53	70.93	19.45

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	12.20	12.98	3.73
Return on Investment (ROI) (PBT/Networth)		0.24	0.28	0.09
Debt Equity Ratio (Total Debt /Networth)		0.85	0.80	2.28
Current Ratio (Current Asset/Current Liability)		1.31	1.39	0.68

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.841	0.841	0.841
Reserves & Surplus	229.104	301.098	355.261
Net worth	229.945	301.939	356.102
long-term borrowings	0.000	0.000	0.000
Short term borrowings	523.470	240.699	303.316
Total borrowings	523.470	240.699	303.316
Debt/Equity ratio	2.277	0.797	0.852

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	No
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS:

The working of the company resulted in a net profit of Rs. 86.302 Millions during the year under review as against Rs.85.239 Millions during the previous year after providing for depreciation. The company expects turnover of Rs.1000.000 Millions in the forthcoming financial year on the grounds of favorable trends.

Working of M/S. Karinos Weaves Private Limited – a Subsidiary Company jointly promoted their Company and M/s. Rinos B.V., Netherlands, had resulted in a Net Profit of Rs.0.095 Millions Working of Subsidiary Company M/s Karan Ueda Carpets Private limited had resulted in a Net Loss of Rs. 1.089 Millions.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10102926	31/03/2008	5,000,000.00	INDIAN OVERSEAS BANK LIMITED	V S V BUILDING, C C N B ROAD, ALAPPUZHA, Kerala -  688011, INDIA	A38430856
2	10102923	31/03/2008	40,000,000.00	INDIAN OVERSEAS BANK LIMITED	V S V BUILDING, C C N B ROAD, ALAPPUZHA, Kerala -  688011, INDIA	A38431045
3	10008085	19/06/2006	18,400,000.00	INDIAN OVERSEAS BANK LIMITED	V S V BUILDING , C C N B ROAD, ALAPPUZHA, Kerala -  688011, INDIA	A02120293
4	10008082	19/06/2006	225,000,000.00	INDIAN OVERSEAS BANK LIMITED	V S V BUILDING , C C N B ROAD, ALAPPUZHA, Kerala -  688011, INDIA	A02120095
5	90022617	21/12/2000	14,000,000.00	INDIAN OVERSEAS BANK	CCNB ROAD, ALLEPPEY, Kerala, INDIA	-
6	90022519	09/04/2011 *	10,000,000.00	INDIAN OVERSEAS BANK LIMITED	V S V BUILDING, C C N B ROAD, ALAPPUZHA, Kerala -  688011, INDIA	B12279196
7	90022338	13/09/2012 *	130,000,000.00	INDIAN OVERSEAS BANK	V S V BUILDING, C C N B ROAD, ALAPPUZHA, Kerala -  688011, INDIA	B61564696
8	90022335	13/09/2012 *	110,000,000.00	INDIAN OVERSEAS BANK	V S V BUILDING, C C N B ROAD, ALAPPUZHA, Kerala -  688011, INDIA	B61592614

* Date of charge modification

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Furniture and Fittings
• Vehicle

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.63.41
UK Pound	1	Rs.99.30
Euro	1	Rs.79.00

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	Yes
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
DEFAULTER
RBI	YES/NO	No
EPF	YES/NO	No
TOTAL		43

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.