MIRA INFORM REPORT

Report No. :	336457
Report Date :	13.08.2015

IDENTIFICATION DETAILS

Name :	KERALA SMALL INDUSTRIES DEVELOPMENT CORPORATION LIMITED
Registered Office :	Housing Board Buildingsanthi Nagar, Santhi Nagar, Thiruvananthapuram – 695001, Kerala
Tel. No.:	91-471-2330613
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.11.1975
Com. Reg. No.:	09-002736
Capital Investment / Paid-up Capital :	Rs.270.843 Million
CIN No.: [Company Identification No.]	U65929KL1975SGC002736
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Main objects to counsel, finance, protect and promote the interests of small scale units in the state by providing infrastructure facilities, uninterrupted supply of scarce, indigenous and imported industrial raw materials, and marketing assistance to MSME units and their products, providing capital, credit, means and resources, maintenance and management and administration of industrial estates, development areas, plots, growth centres, revitalization of sick units and rehabilitation of defunct units and providing adequate information and publicity and advice on import export procedures apart from undertaking civil works, electrical works and job works for Industries Department and Government agencies.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is a Government Owned Public Sector Corporation and it was established in November 1975 for the development and promotion for Small Scale Industries. Subject is an established company having moderate track record. As per registrar of companies the date of balance sheet (i. e. financial filed) is shown as 31.03.2014 but the documents related to the financial for the year 2013 and 2014 are not available from any source. As per previous financial-record of 2012, company possesses moderate financial risk profile and it has incurred huge accumulated losses which has eroded net worth of the company. However, company receives strong financial and managerial support from Government of Kerala. Trade relations are reported as fair. Payments are reported to be slow but correct In view of strong support from Government of Kerala, the company can be considered for business dealing 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2013.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE (91-471-2330613/2330614)

LOCATIONS

Registered Office :	Housing Board Buildingsanthi Nagar, Santhi Nagar, Thiruvananthapuram – 695001, Kerala
Tel. No.:	91-471-2330613/2330614/2330458
Fax No.:	91-471-2330904
E-Mail :	kersidco_tvm@dataone.in sidcoho@yahoo.com
Website:	www.keralasidco.com

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Basheer Saji

Designation :

Managing director

Address :

TC 5/832, Saradhi Mannammoola,, Peroorkkada, P.O, Trivandrum - 695005, Kerala, India

Date of Birth/Age :

30.05.1970

Date of Appointment :

19.08.2006

DIN No.:

01313953

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	U65929KL1975SGC002736	KERALA SMALL INDUSTRIES DEVELOPMENT CORPORATION LIMITED	Managing director	19-08-06	19-08-06	-	Active	NO
2	U22219KL2009PTC024992	KERALA SIDCO HITECH SECURITY PRINTING SOLUTIONS PRIVATE LIMITED	Director	11-11-09	11-11-09	-	Active	NO
3	U24231KL1984SGC004076	KERALA STATE SALICYLATES AND CHEMICALS LTD	Managing director	11-05-10	11-05-10	-	Strike off	NO

Name :

Mr. Joseph Kuncheria Marattukalam

Designation :

Director

Address :

P. B. No 7616, 6th Mail, Banerghatta Road, Bangalore - 560076, Karnataka, India

Date of Birth/Age :

10.04.1953

Date of Appointment :

16.05.2014

DIN No.:

00729706

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	U55101KA1983PTC005567	JK Ruby Leisure Homes Private Limited	Director	14-09-83	14-09-83	-	Active	NO
2	U85110KA1984PTC006354	AKALAPUZHA FARMS PRIVATE LIMITED	Director	29-09-01	29-09-01	-	Under Process of Striking off	NO
3	U74999KA1983PTC005568	IP RUBY LATEX PRIVATE LIMITED	Managing director	02-04-07	02-04-07	-	Active	NO
4	U65929KL1975SGC002736	KERALA SMALL INDUSTRIES DEVELOPMENT CORPORATION LIMITED	Director	16-05-14	16-05-14	-	Active	NO

Name :

Mr. Parackal Chellakutty Kassim

Designation :

Director

Address :

T. C 12/584-2, Vadayakadu, Kunnukuzhy, Trivandrum - 695037, Kerala, India

Date of Birth/Age :

10.05.1961

Date of Appointment :

16.05.2014

DIN No.:

05314586

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	U50300KL1978SGC002966	KERALA AUTOMOBILES LIMITED	Director	23-12-11	23-12-11	-	Active	NO
2	U27310KL1984SGC003975	AUTOKAST LTD	Director	10-01-12	10-01-12	-	Active	NO
3	U28910KL1983SGC003729	STEEL AND INDUSTRIAL FORGINGS LIMITED	Director	02-02-12	02-02-12	-	Active	NO
4	U31200KL1964SGC002062	KERALA ELECTRICALS AND ALLIED ENGG CO LTD	Nominee director	31-07-12	31-07-12	-	Active	NO
5	U65929KL1975SGC002736	KERALA SMALL INDUSTRIES DEVELOPMENT CORPORATION LIMITED	Director	16-05-14	16-05-14	-	Active	NO
6	U74999KL1972SGC002450	KERALA STATE ELECTRONICS DEVELOPMENT CORPORATION LIMITED	Director	19-08-14	19-08-14	-	Active	NO

Name :

Mr. Kannamparambil Muhammed Lebba Abdul Shukkoor

Designation :

Director

Address :

Kannamparampil House, Kumbamkallu, Thodupuzha East P.O, Idukki - 685585, Kerala, India

Date of Birth/Age :

02.05.1956

Date of Appointment :

18.01.2012

DIN No.:

05226182

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	U65929KL1975SGC002736	KERALA SMALL INDUSTRIES DEVELOPMENT CORPORATION LIMITED	Director	18-01-12	18-01-12	-	Active	NO
2	U31102KL1963SGC002043	TRANSFORMERS AND ELECTRICALS KERALA LTD	Nominee director	07-11-14	07-11-14	-	Active	NO

Name :

Mr. Ahamed Ali Chemnad Thayathvalappu

Designation :

Director

Address :

CP 4/70A Naimarmoola, PO Muttathody, Alampadyroad, Kasargod - 671123, Kerala, India

Date of Birth/Age :

05.04.1944

Date of Appointment :

09.12.2011

DIN No.:

05286984

Name :

Mr. Abdul Majeed

Designation :

Director

Address :

Kottapadickal House, Kizhakkekara, Muvattupuzha, Ernakulam - 686661, Kerala, India

Date of Birth/Age :

02.01.1956

Date of Appointment :

25.01.2012

DIN No.:

05289397

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Governor of Kerala	270841
T O Sooraj IAS	1
Saji Basheer	1
Total	270843

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Government (Central and State)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Main objects to counsel, finance, protect and promote the interests of small scale units in the state by providing infrastructure facilities, uninterrupted supply of scarce, indigenous and imported industrial raw materials, and marketing assistance to MSME units and their products, providing capital, credit, means and resources, maintenance and management and administration of industrial estates, development areas, plots, growth centres, revitalization of sick units and rehabilitation of defunct units and providing adequate information and publicity and advice on import export procedures apart from undertaking civil works, electrical works and job works for Industries Department and Government agencies.

Products :

Item Code No.	Product Description
94030000	Furniture

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Banker Name	State Bank of Travancore
Branch Address	Malnkara Centre, Ernakulam, Kochi - 682035, 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

Auditors :
Name :	B. Maheshwari and Company Chartered Accountants
Address :	KNRA 21, Geetha Nilayam, Near Karamana Government High School, River View Road, Karamana, Trivandrum – 695 002, Kerala, India
Mobile No.:	91-9633481966
E-Mail :	h.ramakrishnan@ymail.com rakihari@gmail.com
Income-tax PAN of auditor or auditor's firm :	AADFB4519J
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.1000/- each	Rs.300.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
270843	Equity Shares	Rs.1000/- each	Rs.270.843 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	270.843	270.843
(b) Reserves & Surplus	(368.862)	(389.177)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	25.848	23.848
Total Shareholders’ Funds (1) + (2)	(72.171)	(94.486)
(3) Non-Current Liabilities
(a) Long-term borrowings	560.270	164.466
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	60.144	17.891
(d) Long-term provisions	80.883	83.711
Total Non-current Liabilities (3)	701.297	266.068
(4) Current Liabilities
(a) Short term borrowings	6.824	7.934
(b) Trade payables	755.194	552.151
(c) Other current liabilities	82.624	117.740
(d) Short-term provisions	29.603	8.628
Total Current Liabilities (4)	874.245	686.453
TOTAL	1503.371	858.035
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	527.863	25.636
(ii) Intangible Assets	1.585	0.044
(iii) Capital work-in-progress	8.648	88.052
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.030	0.030
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	7.629	2.652
(e) Other Non-current assets	7.657	7.436
Total Non-Current Assets	553.412	123.850
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	23.167	18.255
(c) Trade receivables	717.978	457.257
(d) Cash and cash equivalents	122.348	164.936
(e) Short-term loans and advances	77.574	79.178
(f) Other current assets	8.892	14.559
Total Current Assets	949.959	734.185
TOTAL	1503.371	858.035

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		230.843
2] Share Application Money		1.849
3] Reserves & Surplus		20.142
4] (Accumulated Losses)		(418.431)
NETWORTH		(165.597)
LOAN FUNDS
1] Secured Loans		0.429
2] Unsecured Loans		122.289
TOTAL BORROWING		122.718
DEFERRED TAX LIABILITIES		0.000
TOTAL		(42.879)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.760
Capital work-in-progress		0.983
INVESTMENT		0.030
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.145
	Sundry Debtors	365.474
	Cash & Bank Balances	86.996
	Other Current Assets	16.266
	Loans & Advances	80.138
Total Current Assets		563.019
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	362.512
	Other Current Liabilities	184.786
	Provisions	84.373
Total Current Liabilities		631.671
Net Current Assets		(68.652)
MISCELLANEOUS EXPENSES		0.000
TOTAL		(42.879)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income from Sales & Services	1990.801	1396.662	999.100
		Other Income	88.618	31.496
		TOTAL	2079.419	1428.158	999.100
Less	EXPENSES
		TOTAL	2041.605	1408.482	980.840 (Including Financial and Depreciation)
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		37.814	19.676
Less	FINANCIAL EXPENSES		12.827	7.483
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		24.987	12.193
Less/ Add	DEPRECIATION/ AMORTISATION		5.443	3.082
	PROFIT/ (LOSS) BEFORE TAX		19.544	9.111	18.260
Less	TAX		0.000	0.000	0.023
	PROFIT/ (LOSS) AFTER TAX		19.544	9.111	18.237
	Earnings/ (Loss) Per Share (Rs.)		72.16	33.64	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2012	31.03.2011	31.03.2010
Current maturities of long-term debt	NA	NA	NA
Cash generated from operations	NA	38.540	(31.749)
Net cash flows from (used in) operations	(71.015)	43.413	NA
Net cash flows from (used in) operating activities	(79.483)	38.432	(31.749)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PAT / Sales)	(%)	0.98	0.65	NA
Operating Profit Margin (PBIDT/Sales)	(%)	1.90	1.41	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.31	1.18	3.11
Return on Investment (ROI) (PBT/Networth)		(0.27)	(0.10)	(0.11)
Debt Equity Ratio (Total Debt /Networth)		(7.86)	(1.82)	(0.74)
Current Ratio (Current Asset/Current Liability)		1.09	1.07	0.89

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2011	31.03.2012
	Rs. In Million	Rs. In Million
Share Capital	270.843	270.843
Reserves & Surplus	(389.177)	(368.862)
Share Application money pending allotment	23.848	25.848
Net worth	(94.486)	(72.171)
Long-term borrowings	164.466	560.270
Short term borrowings	7.934	6.824
Total borrowings	172.400	567.094
Debt/Equity ratio	(1.825)	(7.858)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	999.100	1428.158	2079.419
		39.792	45.601

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	999.100	1428.158	2079.419
Profit	18.237	9.111	19.544
	1.83%	0.64%	0.94%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

KERALA HIGH COURT

CASE STATUS INFORMATION SYSTEM

Case Status :	Pending
Status Of :	OP KERALA ADMINISTRATIVE TRIBUNAL  2637  Of  2012
Litigants :	THE MAYITHRA SIDCO INDUSTRIAL ESTATE IND  Vs.  THE KERALA SMALL INDUSTRIES DEVELOPMENT
Pet's Adv :	SRI.J.OM PRAKASH
Res's Adv :
Last Date of Hearing :	Friday, August 10, 2012
Next / Final Date of Hearing :	---
Case Updated On :	Friday, August 10, 2012
Category :	LOWER COURT MATTERS CIVIL

Connected Application(s)

No Connected Application

Connected Matter(s)

No Connected Cases

FINANCIAL RESULTS OF THE COMPANY:

During the year 2011-12 the Company has achieved a total turnover of Rs.2079.419 million including sales, services and other income compared to Rs.1428.158 million achieved in the previous year. The Company has earned a profit of Rs.19.544 million in the current year compared to a profit of Rs.9.111 million for the previous year.

ACTIVITIES, OPERATIONS AND TURNOVER

Introduction

KERALA SIDCO, is a Public Sector Undertaking wholly owned by Government of Kerala and is a promotional agency incorporated on 6^th November 1975 under the Companies Act 1956 to take over the assets and liabilities of the erstwhile Kerala State Small Industries Corporation Limited with the main objects to counsel, finance, protect and promote the interests of small scale units in the state by providing infrastructure facilities, uninterrupted supply of scarce, indigenous and imported industrial raw materials, and marketing assistance to MSME units and their products, providing capital, credit, means and resources, maintenance and management and administration of industrial estates, development areas, plots, growth centres, revitalization of sick units and rehabilitation of defunct units and providing adequate information and publicity and advice on import export procedures apart from undertaking civil works, electrical works and job works for Industries Department and Government agencies. Steps are in progress to set up a Telecom City at Menamkulam, Thiruvananthapuram and a commercial complex at Kadavanthara on B.O.T basis, one of the eight green field projects announced in the state budget for the year 2010-11 namely, Tool Room Cum Training Centre at Kozhikode was entrusted to SIDCO. The Company ranks first in Kerala in all India ranking with regard to various parameters like total investment, turnover, employment generation and health of industry as per ministry of Micro Small and Medium Enterprises, Government of India, published in 2007.

SIDKEL Televisions Limited and SIDCO Mohan Kerala Limited, the two subsidiaries of the Company incorporated in March 1984 and August 1980 respectively are defunct. The activities of the company are executed through 8 Divisions which are shown below:-

1. Head Office - General Accounts -Thiruvananthapuram

2. Raw Material Division - Kochi

3. Marketing Division - Kochi

4. Industrial Estate and Industrial Park Division- Thiruvananthapuram

5. Construction Division - Thiruvananthapuram

6. Information Technology and Telecommunication Division - Thiruvananthapuram

7. Export, Import and Special Project Division - Thiruvananthapuram

8. Production Division – Thiruvananthapuram

UNSECURED LOAN

Particulars	31.03.2012 (Rs. in Million)	31.03.2011 (Rs. in Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	7.213	7.153
Rupee term loans from others	552.717	156.775
Other loans and advances	0.340	0.538
SHORT-TERM BORROWINGS
Loans repyable on demand from banks	0.231	0.231
Loans repayable on demand from others	6.593	7.703
Total	567.094	172.400

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10138483	10/12/2008	15,000,000.00	STATE BANK OF TRAVANCORE	MALNKARA CENTRE, ERNAKULAM, KOCHI, KERALA - 68203 5, INDIA	A54689906
2	90017092	26/03/1998	650,000.00	STATE BANK OF TRAVANCORE	SANTHINAGAR, THIRUVANANTHAPURAM, KERALA, INDIA	-
3	90016129	16/02/1994	5,000,000.00	SMALL INDUSTRIES DEV. BANK OF INDIA	VIKAS DEEP; 6TH & 7TH FLOOR;, 22 STATION ROAD, LU CKNOW, KERALA, INDIA	-
4	90015792	18/07/1991 *	100,000.00	BANK OF INDIA	MAIN BRANCH, TRIVANDRUM, KERALA, INDIA	-
5	90015633	14/01/1988 *	500,000.00	STATE BANK OF TRAVANCORE	PAPPANAMCODE, TRIVANDRUM, KERALA, INDIA	-
6	90015621	16/06/1987	350,000.00	CANARA BANK	AYYAPPANKAVU, COCHIN, KERALA - 682018, INDIA	-
7	90015533	27/09/1985	6,041,000.00	INDIAN BANK	QUILON BRANCH, QUILON, KERALA, INDIA	-
8	90015321	03/03/1981	75,000.00	STATE BANK OF TRAVANCORE	MANNAR, MANNAR, KERALA, INDIA	-
9	90015266	29/03/1995 *	150,000.00	UCO BANK	CALICUT, CALICUT, KERALA, INDIA	-
10	90015263	02/12/1978	8,000,000.00	STATE BANK OF TRAVANCORE	M. G. ROAD, ERNAKULAM, KERALA, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Office equipment
• Computer equipments
• Other equipments
• Books periodicals

Intangible assets

• Computer software

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 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.64.83
UK Pound	1	Rs.101.00
Euro	1	Rs.71.82

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	KVT / SMA

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	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		28

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.