MIRA INFORM REPORT

Report No. :	341526
Report Date :	21.09.2015

IDENTIFICATION DETAILS

Name :	INDO GERMAN CARBONS LIMITED
Registered Office :	VIII / 960, 57 / 3, Old Mosque Road, Edayar, Industrial Area, Binani Puram, Ernakulam – 683502, Kerala
Tel. No.:	91-484-2543092/2551986
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.05.1995
Com. Reg. No.:	09-009071
Capital Investment / Paid-up Capital :	Rs. 61.300 Million
CIN No.: [Company Identification No.]	U31908KL1995PLC009071
IEC No.:	1095002627
TAN No.: [Tax Deduction & Collection Account No.]	CHN100479D
PAN No.: [Permanent Account No.]	AAAC14961R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Coconut Shell based activated Carbon Products.
No. of Employees :	80 (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 480000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1995 having satisfactory track. Subject is engaged in the business as a manufacturer and exporter of coconut shell based activated carbon products. The company possesses an above average financial profile marked by a healthy net worth base and decent liquidity position of the company. However, the ratings strengths are partially offset by susceptibility of the profit margin due to volatility in raw material prices and currency fluctuation. Their trade relations are reported as fair. Business is active. Payment terms are reported as slow but correct. The company can be considered normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Short Term = (A4)
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	March 2014

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Rethi
Designation :	Secretary to MD
Contact No.:	91-484-2543092
Date :	18.09.2015

LOCATIONS

Registered Office / Factory :	VIII / 960, 57 / 3, Old Mosque Road, Edayar, Industrial Area, Binani Puram, Ernakulam – 683502, Kerala, India
Tel. No.:	91-484-2543092/2551986
Fax No.:	91-484-2558202
E-Mail :	operation@igcl.com info@igcl.com
Website :	www.igcl.com
Location :	Owned
Locality :	Industrial

DIRECTORS

As on 30.09.2014

Name :

Mr. M. M. Abdul Basheer

Designation :

Managing director

Address :

House no. V/346 B, V. C. Ahmed Unni road, West Veliyathunadu P.O. Malikapeedika, Aluva – 683511, Kerala

Date of Appointment :

01.09.2009

DIN No.:

00120916

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	U31908KL1995PLC009071	INDO GERMAN CARBONS LIMITED	Managing director	01/01/2009	10/01/1996	-	Active	NO
2	U55101KL1997PTC011649	MFAR HOTELS AND RESORTS PRIVATE LIMITED	Director	23/07/1997	23/07/1997	-	Active	NO
3	U55101KL2001PTC015027	M FAR BEACH RESORTS PRIVATE LIMITED	Director	30/10/2001	30/10/2001	-	Active	NO
4	U23109KL2004PTC017583	ACTIVE CHAR PRODUCTS PRIVATE LIMITED	Director	15/11/2004	15/11/2004	-	Active	NO
5	U55101KL2006PTC019885	MFAR ELITE RESORTS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
6	U55101KL2006PTC020000	KUMALI VALLEY ECO RESORTS PRIVATE LIMITED	Director	15/11/2006	15/11/2006	-	Active	NO
7	U55101KL2006PTC020057	KUMALI MIST RESORTS PRIVATE LIMITED	Director	30/11/2006	30/11/2006	-	Active	NO
8	U55101KL2006PTC020113	MFAR ECO RESORTS (INDIA) PRIVATE LIMITED	Director	15/12/2006	15/12/2006	-	Active	NO
9	U45202KL2007PTC020262	ERANAD PROPERTIES PRIVATE LIMITED	Director	22/01/2007	22/01/2007	31/07/2014	Active	NO
10	U45202KL2007PTC020268	VAZHAYOOR PROPERTIES PRIVATE LIMITED	Director	22/01/2007	22/01/2007	31/07/2014	Active	NO
11	U45202KL2007PTC020266	ERANAD TOWNSHIP COMPLEX PRIVATE LIMITED	Director	22/01/2007	22/01/2007	29/08/2014	Active	NO
12	U45202KL2007PTC020639	EASTHILL PROPERTY DEVELOPERS PRIVATE LIMITED	Director	12/04/2007	12/04/2007	31/07/2014	Active	NO
13	U45202KL2007PTC020640	KALLAI REALTORS PRIVATE LIMITED	Director	12/04/2007	12/04/2007	31/07/2014	Active	NO
14	U45202KL2007PTC020734	MFAR TOWNSHIP COMPLEX PRIVATE LIMITED	Director	01/05/2007	01/05/2007	-	Active	NO
15	U70101KL2007PTC021123	M FAR REALTORS PRIVATE LIMITED	Director	17/08/2007	17/08/2007	-	Active	NO
16	U25199KL2007PTC021338	COCHIN GASKETS PRIVATE LIMITED	Managing director	10/11/2007	23/10/2007	-	Active	NO
17	U45200KL2008PTC022428	MFAR INFRASTRUCTURE PROJECTS PRIVATE LIMITED	Director	15/05/2008	15/05/2008	-	Active	NO
18	U45200KL2008PTC022745	VAZHAYOOR INFRASTRUCTURE AND TOWNSHIP PRIVATE LIMITED	Director	09/07/2008	09/07/2008	28/06/2014	Active	NO
19	U45200KL2008PTC023106	SILVERBRICKS BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	03/09/2008	03/09/2008	-	Strike off	NO
20	U45209KL2003PTC016226	SUKAM CONSTRUCTIONS PRIVATE LIMITED	Director	10/08/2009	10/08/2009	01/03/2011	Active	NO
21	U63012KL2011PTC028839	MIV LOGISTICS PRIVATE LIMITED	Director	11/07/2011	11/07/2011	-	Active	NO
22	U23109KA2010PTC052186	KALPA CHAR PRODUCTS PRIVATE LIMITED	Additional director	20/08/2011	20/08/2011	-	Active	NO
23	U74999KL1972SGC002450	KERALA STATE ELECTRONICS DEVELOPMENT CORPORATION LIMITED	Director	03/02/2012	03/02/2012	-	Active	NO
24	U45209KL2007PLC020471	INKEL LIMITED	Alternate director	04/06/2013	04/06/2013	-	Active	NO
25	AAB-2491	MANANCHIRA PROPERTIES LLP	Designated Partner	07/12/2012	07/12/2012	-	Active	NO

Name :

Mr. Talzon F. Khoraklwala

Designation :

Director

Address :

P.O. box – 2448, Code 112, Ruwi, Muscat, Sultanate of Oman

Date of Appointment :

09.12.1996

DIN No.:

01771715

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	U31908KL1995PLC009071	INDO GERMAN CARBONS LIMITED	Director	09/12/1996	09/12/1996	-	Active	NO
2	U52110WB1991PTC051626	SWITZ FOODS PRIVATE LIMITED	Director	12/09/1998	12/09/1998	-	Active	NO
3	U15400MH2004PTC145147	SWITZ BAKERIES PRIVATE LIMITED	Director	17/03/2004	17/03/2004	-	Active	NO
4	U55101MH2005PTC156209	MOHILI MEADOWS RESORT PRIVATE LIMITED	Director	15/06/2007	15/06/2007	-	Active	NO
5	U70200MH2008PTC179206	SENTOSA ESTATES PRIVATE LIMITED	Director	03/03/2008	03/03/2008	-	Active	NO
6	U15209MH2006PTC165510	FTK FOODS PRIVATE LIMITED	Director	22/02/2010	22/02/2010	-	Active	NO

Name :

Mr. Jose Potttokkaran

Designation :

Director

Address :

Rice Bazar, Trichur – 680001, Kerala, India

Date of Appointment :

19.03.1997

DIN No.:

00434887

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	U65992KL1981PTC012544	DON BOSCO KURIES PRIVATE LIMITED	Director	01/10/1992	01/10/1992	-	Active	NO
2	U51101KA1962PTC001465	DARLCO CANNINGS Private Limited	Director	23/02/1995	23/02/1995	-	Active	NO
3	U31908KL1995PLC009071	INDO GERMAN CARBONS LIMITED	Director	19/03/1997	19/03/1997	-	Active	NO
4	U74140KL2002PTC015369	URO DEVELOPMENT AND MANAGEMENT SERVICES PRIVATE LIMITED	Director	22/04/2002	22/04/2002	-	Strike off	NO
5	U65992KL1970PLC002276	KSHEMODAYAM KURIES LIMITED	Director	01/07/2005	01/07/2005	-	Active	NO
6	U51909KL1987PTC004884	POTTOKARAN AND CO PRIVATE LIMITED	Director	14/07/2005	14/07/2005	15/02/2010	Active	NO
7	U74140KL2000PTC013646	ABRAHAM AND JOSE MANAGEMENT CONSULTANTS PRIVATE LIMITED	Additional director	17/10/2011	17/10/2011	-	Active	NO

Name :

Mr. Sajitha Basheer

Designation :

Whole-time director

Address :

Mucheth House, House no. V/346 B, V.C. Ahmed Unni road, West Veliyathunadu P.O. Maijkapeedika, Alwaye – 683511, Kerala, India

Date of Birth/Age :

17.05.1968

Date of Appointment :

20.01.2014

DIN No.:

00010995

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	U51496KL2001PTC015039	COCHIN COLCHEM PRIVATE LIMITED	Managing director	02/11/2001	02/11/2001	-	Active	NO
2	U55201KL2002PTC015346	MANNAPURAM HOTELS PRIVATE LIMITED	Director	05/04/2002	05/04/2002	-	Active	NO
3	U23109KL2002PTC015283	COCHIN SURFACTANTS PRIVATE LIMITED	Managing director	10/02/2003	10/02/2003	-	Active	NO
4	U74910KL2003PTC016416	CPL LOGISTICS PRIVATE LIMITED	Director	29/08/2003	29/08/2003	-	Active	NO
5	U25199KL2007PTC021338	COCHIN GASKETS PRIVATE LIMITED	Director	23/10/2007	23/10/2007	-	Active	NO
6	U31908KL1995PLC009071	INDO GERMAN CARBONS LIMITED	Whole-time director	20/01/2014	20/09/2010	-	Active	NO

Name :

Mr. Razin Rahman

Designation :

Director

Address :

Siddharth Lane, Thirssur – 680007, Kerala, India

Date of Birth/Age :

11.08.1981

Date of Appointment :

20.01.2014

DIN No.:

00015138

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	U23109KL2004PTC017583	ACTIVE CHAR PRODUCTS PRIVATE LIMITED	Managing director	15/11/2004	15/11/2004	-	Active	NO
2	U45202KL2006PTC019716	GENNEXT CONSTRUCTIONS PRIVATE LIMITED	Director	09/08/2006	09/08/2006	-	Active	NO
3	U70101KL2007PTC021123	M FAR REALTORS PRIVATE LIMITED	Director	30/09/2010	26/07/2010	-	Active	NO
4	U45200KL2008PTC022428	MFAR INFRASTRUCTURE PROJECTS PRIVATE LIMITED	Director	30/09/2010	26/07/2010	-	Active	NO
5	U45200KL2008PTC022745	VAZHAYOOR INFRASTRUCTURE AND TOWNSHIP PRIVATE LIMITED	Director	30/09/2010	26/07/2010	-	Active	NO
6	U74140KL1994PTC007901	M FAR ENTERPRISES PRIVATE LIMITED	Director	29/09/2010	26/07/2010	-	Active	NO
7	U55101KL2001PTC015027	M FAR BEACH RESORTS PRIVATE LIMITED	Director	30/09/2010	26/08/2010	-	Active	NO
8	U31908KL1995PLC009071	INDO GERMAN CARBONS LIMITED	Director	20/01/2014	20/09/2010	-	Active	NO
9	U24299KL1951SGC001237	THE TRAVANCORE COCHIN CHEMICALS LIMITED	Director	31/12/2013	28/12/2012	-	Active	NO
10	U45202KL2007PTC020266	ERANAD TOWNSHIP COMPLEX PRIVATE LIMITED	Director	30/09/2014	22/07/2014	-	Active	NO
11	U45202KL2007PTC020640	KALLAI REALTORS PRIVATE LIMITED	Director	30/09/2014	22/07/2014	-	Active	NO
12	U45202KL2007PTC020262	ERANAD PROPERTIES PRIVATE LIMITED	Director	30/09/2014	22/07/2014	-	Active	NO
13	U45202KL2007PTC020639	EASTHILL PROPERTY DEVELOPERS PRIVATE LIMITED	Director	30/09/2014	22/07/2014	-	Active	NO
14	U45202KL2007PTC020268	VAZHAYOOR PROPERTIES PRIVATE LIMITED	Director	30/09/2014	22/07/2014	-	Active	NO
15	AAB-2491	MANANCHIRA PROPERTIES LLP	Designated Partner	07/12/2012	07/12/2012	-	Active	NO

Name :

Mr. Mohiuddin Mohamad Ali

Designation :

Director

Address :

Al Barakah, Thevara Ferry Road, Cochin, Kerala, India

Date of Appointment :

31.12.2010

DIN No.:

02276761

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	U23109KL2004PTC017583	ACTIVE CHAR PRODUCTS PRIVATE LIMITED	Director	31/12/2008	31/12/2008	-	Active	NO
2	U31908KL1995PLC009071	INDO GERMAN CARBONS LIMITED	Director	31/12/2010	31/12/2010	-	Active	NO
3	U45202KL2006PTC019716	GENNEXT CONSTRUCTIONS PRIVATE LIMITED	Director	13/07/2011	13/07/2011	-	Active	NO
4	U55101KL1997PTC011649	MFAR HOTELS AND RESORTS PRIVATE LIMITED	Director	25/08/2012	09/11/2011	-	Active	NO
5	U45400KA1996PTC020374	M FAR CONSTRUCTIONS PRIVATE LIMITED	Director	13/09/2014	07/02/2014	-	Active	NO
6	U45202KA2008PTC047083	MFAR DEVELOPERS PRIVATE LIMITED	Director	30/09/2014	25/03/2014	-	Active	NO
7	U70102KA2007PTC041722	LEONIS DEVELOPERS PRIVATE LIMITED	Director	30/09/2014	26/03/2014	-	Active	NO
8	U85110KA2000PTC027813	YENEPOYA LOGISTICS PRIVATE LIMITED	Director	30/09/2014	26/03/2014	-	Active	NO
9	U07010KA1997PTC021911	M FAR HOLDINGS PRIVATE LIMITED	Director	26/09/2014	31/03/2014	-	Active	NO
10	U45203KA2007PTC043315	CIVIC INDIA M FAR HABITAT AND INFRASTRUCTURE PRIVATE LIMITED	Additional director	22/05/2014	22/05/2014	-	Active	NO
11	U74140KL1994PTC007901	M FAR ENTERPRISES PRIVATE LIMITED	Director	30/09/2014	22/05/2014	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Rethi
Designation :	Secretary to MD

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
P. Mohamad Ali	1645571
Rasiya Mohamad Ali	1
P. Khaleel	1
Sajitha Khaleel	1
A.M. Abdul Samath	1
P. M. Sherei	1
S.K.K. Nair	1
M.M. Abdul Basheer	150000
Oman Holdings Limited, Mauritius	800000
Bismi Holdings Limited, Mauritius	2430000
Thekkath Devassy Xavi	248600
Mohlyudin Mohamad Ali	696000
Deepak Atal	29830
Mfar Enterprises Private Limited, India	130000
Total	6130007

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Venture Capital	2.00
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	57.00
Directors or relatives of Directors	41.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Coconut Shell based activated Carbon Products.

Products :

PRODUCT DESCRIPTION	ITC NO.
Activated Carbon	38021000

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• South Africa
• Mali

Imports :

Not Available

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

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 :

Wholesaler, Retailers and Manufacturers

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 :

80 (Approximately)

Bankers :

• Union Bank of India, Overseas Branch, M.G. Road, Ernakulam, Kochi – 682035, Kerala, India

Bank Name	State Bank of India
Branch	Overseas Branch, Indira Gandhi Road, Willington Island, Kochi - 682003, Kerala, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	10471441808
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 Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans repayable on demand	0.000	0.596
SHORT TERM BORROWING
Loans repayable on demand	57.332	45.850
Total	57.332	46.446

Banking Relations :	--
Auditors :
Name :	Varma and Varma Chartered Accountants
Address :	Nettipadam Road , Ernakulam South, Kochi – 682016, Kerala, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFV9555E
Memberships :	--
Collaborators :	--
Subsidiaries :	Indo Carb Corporation INC, United States
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Kalpa Char Products Private Limited Cochin Gaskets Private Limited CPL Logistics Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
8250000	Equity Shares	Rs.10/- each	Rs. 82.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6130007	Equity Shares	Rs.10/- each	Rs. 61.300 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	61.300	61.300	61.300
(b) Reserves & Surplus	107.759	105.679	55.824
(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)	169.059	166.979	117.124
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.596	8.629
(b) Deferred tax liabilities (Net)	9.923	6.595	13.086
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.006	2.837	2.280
Total Non-current Liabilities (3)	13.929	10.028	23.995
(4) Current Liabilities
(a) Short term borrowings	57.332	45.850	77.413
(b) Trade payables	15.125	21.762	31.840
(c) Other current liabilities	4.187	16.894	35.872
(d) Short-term provisions	1.735	23.248	15.163
Total Current Liabilities (4)	78.379	107.754	160.288
TOTAL	261.367	284.761	301.407
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	66.584	73.049	85.793
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2.729	1.378	1.083
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	24.833	3.933	3.933
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.108	1.071	1.005
(e) Other Non-current assets	0.039	0.039	0.039
Total Non-Current Assets	96.293	79.470	91.853
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	34.303	55.438	89.265
(c) Trade receivables	91.470	90.096	78.344
(d) Cash and cash equivalents	7.546	10.144	7.085
(e) Short-term loans and advances	31.716	49.557	34.825
(f) Other current assets	0.039	0.056	0.035
Total Current Assets	165.074	205.291	209.554
TOTAL	261.367	284.761	301.407

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	420.032	447.728	395.300
	Other Income	2.677	2.544	NA
	TOTAL (A)	422.709	450.272	NA
Less	EXPENSES
	Cost of Materials Consumed	283.049	265.486
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	10.179	(19.726)
	Employees benefits expense	28.176	28.684
	Other expenses	76.292	78.531
	TOTAL (B)	397.696	352.975	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	25.013	97.297	NA
Less	FINANCIAL EXPENSES (D)	6.685	9.367	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	18.328	87.930	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)	9.622	9.306	NA
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	8.706	78.624	32.500
Less	TAX (H)	6.626	10.841	9.758
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	2.080	67.783	22.742
	EARNINGS IN FOREIGN CURRENCY	364.336	NA	298.316
	Earnings / (Loss) Per Share (Rs.)	0.34	11.06	3.71

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.596	9.423	17.682
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.50	15.14	5.75
Operating Profit Margin (PBIDT/Sales)	(%)	5.96	21.73	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.72	28.14	10.97
Return on Investment (ROI) (PBT/Networth)		0.05	0.47	0.28
Debt Equity Ratio (Total Debt /Networth)		0.34	0.28	0.73
Current Ratio (Current Asset/Current Liability)		2.11	1.91	1.31

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	61.300	61.300	61.300
Reserves & Surplus	55.824	105.679	107.759
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	117.124	166.979	169.059
long-term borrowings	8.629	0.596	0.000
Short term borrowings	77.413	45.850	57.332
Total borrowings	86.042	46.446	57.332
Debt/Equity ratio	0.735	0.278	0.339

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	395.300	447.728	420.032
		13.263	(6.186)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	395.300	447.728	420.032
Profit	22.742	67.783	2.080
	5.75%	15.14%	0.50%

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	Yes
8	Designation of contact person	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
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	Yes
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	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90017024	25/08/2005 *	8,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, WILLINGDON ISLAND, COCHIN, Kerala - 682003, INDIA	-
2	90016562	21/02/2012 *	118,000,000.00	State Bank of India	Ovearseas Branch, Indira Gandhi Road, Willington  Island, kochi, Kerala - 682003, INDIA	B37313236

*Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

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] 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.65.93
UK Pound	1	Rs.102.75
Euro	1	Rs.75.13

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.