MIRA INFORM REPORT

Report Date :

28.09.2011

IDENTIFICATION DETAILS

Name :	TI ANODE FABRICATORS PRIVATE LIMITED
Registered Office :	# 48, Noothancherry, Madambakkam, Chennai – 600 073, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.12.2003
Com. Reg. No.:	18-052052
Capital Investment / Paid-up Capital :	Rs.4.500 millions
CIN No.: [Company Identification No.]	U28112TN2003PTC052052
TAN No.: [Tax Deduction & Collection Account No.]	CHET07955D
PAN No.: [Permanent Account No.]	AABCT9790N
Legal Form :	Private Limited Liability Company
Line of Business :	Design, Manufacture and Supply of Electro Chlorinators and its Eletrolyzers, Electrocoagulation Anodes, Electrodialysis, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 290000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	# 48, Noothancherry, Madambakkam, Chennai – 600 073, Tamilnadu, India
Tel. No.:	91-44-22781148
Fax No.:	91-44-22781362
Email Fax :	91-22-66466821
E-Mail :	info@tianode.com mdtianode@tianode.com
Website :	http://www.tianode.com http://www.cpanode.com http://www.ptanode.com http://www.ecanode.com http://www.vchlorin.com http://www.tiprojects.com

DIRECTORS

As on 20.08.2010

Name :

Mr. Velappan Jeyakumar

Designation :

Managing Director

Address :

Plot No.66, Sabapathy Nagar, Madambakkam, Chennai – 600 073, Tamilnadu, India

Date of Birth/Age :

25.04.1967

Qualification :

B.Com

Experience :

22 Years

Date of Appointment :

10.03.2010

DIN No.:

01702227

Other Directorship :

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27209TN1994PTC027864	KJB Titanim Private Limited	Director	24-06-94	24-06-94	Active	YES
2	U28112TN2003PTC052052	Ti Anode Fabricators Private Limited	Managing director	10-03-10	10-03-10	Active	NO

Name :

Mrs. Jayakumar Vanajambika

Designation :

Director

Address :

66, Sabapathy Nagar, Noothancherry, Madambakkam, Chennai – 600 073, Tamilnadu, India

Date of Birth/Age :

27.01.1977

Date of Appointment :

10.03.2010

DIN No.:

00071421

Other Directorship :

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28112TN2003PTC052052	Ti Anode Fabricators Private Limited	Director	10-03-10	02-12-03	Active	NO

Name :

Ms. Paramarthalingam Nancy

Designation :

Director

Address :

Chennai – 600 073, Tamilnadu, India

Date of Birth/Age :

19.08.1957

Date of Appointment :

02.12.2003

DIN No.:

00071479

Other Directorship :

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28112TN2003PTC052052	Ti Anode Fabricators Private Limited	Whole-time director	31-01-09	02-12-03	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.08.2010

Names of Shareholders	No. of Shares
J. Vanajambika	40500
P.E. Nancy	4500
Total	45000

As on 20.08.2010

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

BUSINESS DETAILS

Line of Business :

Design, Manufacture and Supply of Electro Chlorinators and its Eletrolyzers, Electrocoagulation Anodes, Electrodialysis, etc.

GENERAL INFORMATION

Suppliers :

Information declined by the management

Customers :

Information declined by the management

No. of Employees :

Not Available

Bankers :

v United Bank of India, 177, Armenian Street, Chennai – 600 001, Tamilnadu, India

v UCO Bank, Selaiyur Branch, 455, Velachery Road, East Tambaram, Chennai – 600 059, Tamilnadu, India

v ICICI Bank Limited

v Standard Chartered Bank

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Banks:
UCO Bank Selaiyur Branch, Chennai - OCC (Secured on Stocks and Book Debts)	34.161	21.558
UCO Bank Selaiyur Branch, Chennai - Packing Credit (Secured on bills and stock)	15.563	20.005
UCO Bank Selaiyur Branch, Chennai - Term loan (Secured on plant and machinery)	0.605	1.133
UCO Bank Selaiyur Branch, Chennai - (Staff Bus Loan (Secured on bus)	0.723	0.000
From Others:
ICICI Bank (Secured on Tavera)	0.000	0.108
Standard Chartered Loan (Secured by the personal guarantee of directors)	0.628	1.646
ICICI - Secured on	0.000	0.174
Cholamandalam Finance – Scooty Pep	0.000	0.007
ICICI - Secured on Alto Car	0.171	0.277
ICICI - Secured on Pajero Car (All the above Loans are personally guaranteed by all the directors of the company in their individual capacity)	1.017	1.779
Total	52.868	46.687

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Others:
Mr. Karunakaran	0.975	0.975
Total	0.975	0.975

Banking Relations :	--
Auditors :
Name :	Nisar and Kumar Chartered Accountants
Address :	Flat IIC, Royal Court, No.41, Venkatnarayana Road, T. Nagar, Chennai – 600 017, Tamilnadu, India
Tel. No.:	91-44-24313811/ 42083811
Mobile No.:	91-9840276525
E-Mail :	apkumar@vsnl.com nisarandkumar@vsnl.net
Income-tax PAN of auditor or auditor's firm :	AACFN3475E

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45000	Equity Shares	Rs.100/- each	Rs.4.500 millions

(Out of the above, 39000 equity shares are issued for consideration other than cash)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		4.500	4.500	4.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		67.892	38.082	22.926
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		72.392	42.582	27.426
LOAN FUNDS
1] Secured Loans		52.868	46.687	23.547
2] Unsecured Loans		0.975	0.975	0.975
TOTAL BORROWING		53.843	47.662	24.522
DEFERRED TAX LIABILITIES		0.035	0.031	0.013
TOTAL		126.270	90.275	51.961
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		44.256	27.535	20.243
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	28.422	32.491	30.250
	Sundry Debtors	140.575	44.201	57.657
	Cash & Bank Balances	3.724	21.089	8.163
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	35.930	40.426	20.949
Total Current Assets		208.651	138.207	117.019
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	85.535	40.746	67.331
	Other Current Liabilities	8.956	8.524	1.983
	Provisions	32.146	26.197	15.994
Total Current Liabilities		126.637	75.467	85.308
Net Current Assets		82.014	62.740	31.711
MISCELLANEOUS EXPENSES		0.000	0.000	0.007
TOTAL		126.270	90.275	51.961

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Turnover	299.920	149.321	103.984
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		56.396	31.736	22.297
Less	FINANCIAL & INTEREST EXPENSES		6.363	4.795	1.459
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		50.033	26.941	20.838
Less/ Add	DEPRECIATION/ AMORTISATION		3.572	2.878	1.517
	PROFIT BEFORE TAX		46.461	24.063	19.321
Less	TAX		16.916	8.889	6.532
	PROFIT AFTER TAX		29.549	15.174	12.789
Add	IT earlier years		0.265	--	--
Less	Deferred Tax Liability provided for		0.004	0.018	0.014
	NET PROFIT/ (LOSS) FOR THE YEAR		29.810	15.157	12.803
	EARNINGS IN FOREIGN CURRENCY
		Sales FOB	184.957	134.041	71.149
	TOTAL EARNINGS		184.957	134.041	71.149
	IMPORTS
		Raw Materials	22.636	22.065	14.227
	TOTAL IMPORTS		22.636	22.065	14.227
	Earnings Per Share (Rs.)		662.00	NA	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	15.49	16.11	18.58
Return on Total Assets (PBT/Total Assets}	(%)	18.37	14.52	14.08
Return on Investment (ROI) (PBT/Networth)		0.64	0.57	0.70
Debt Equity Ratio (Total Liability/Networth)		2.49	2.89	4.00
Current Ratio (Current Asset/Current Liability)		1.65	1.83	1.37

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from 61, V.P.K. Nagar Extension, Iyyenchery, Oorapakkam, Kanchipram District – 603 202, Tamilnadu to the present address w.e.f. 10.03.2010.

Note:

We tried to collect the customers and suppliers details from all the possible sources but the same is not available from any of the sources.

FINANCIAL OPERATIONS OF THE COMPANY:

During the Financial Year 2009-2010, the Company’s Turnover for the year was Rs.299.920 millions.

FUTURE PLANS:

The market conditions would be favorable to the company’s operations and are hopeful of achieving a turnover of around Rs.300.000 millions during the current financial year 2010-2011.

They also have plans for obtaining CE markings for all the products, which would boost the image of the company in the global market.

FORM 8:

Corporate identity number of the company

U28112TN2003PTC052052

Name of the company

TI ANODE FABRICATORS PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

61, V.P.K. Nagar Extension, Iyyenchery, Oorapakkam, Kanchipram District – 603 202, Tamilnadu, India

E-Mail: info@tianode.com

This form is for

Modification of charge

Charge identification number of the modified

10099998

Type of charge

Immovable Property

Book Debts

Movable Property

Floating Charge

Particular of charge holder

UCO Bank, Selaiyur Branch, 455, Velachery Road, East Tambaram, Chennai – 600 059, Tamilnadu, India

E-Mail: ucobank_bsnl@dataone.in

Nature of description of the instrument creating or modifying the charge

Deed of Hypothecation of Plant and Machinery to Secure a Term Loan.

Hypothecation of Goods to Secure a Demand Cash Credit.

Hypothecation and Book Debts to Secure Demand Cash - Credit.

Agreement RE: Inland / Foreign Bills Purchased and Advances Against Bills in course of Collection.

Omnibus Counter guarantee.

Letter for Extension of Deposit of Title Deeds.

Date of instrument Creating the charge

25.11.2009

Amount secured by the charge

Rs.81.716 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

As per the sanction letter and as determined by the banker from time to time.

Terms of Repayment:

As per the sanction letter and as determined by the banker from time to time.

Margin:

As per the sanction letter and as determined by the banker from time to time.

Extent and Operation of the charge:

As per the instruments executed on 25.11.2009

Others:

Nature of Facilities	Limit (Rs. in millions)
Cash Credit	40.000
FBP/FBN/FBD	10.000
Term Loan	0.878
Term Loan II	0.838
BG	10.000
ILC/FLC	20.000
Total	81.716

All other terms and conditions as per sanction letter and instruments executed on 25.11.2009.

Short particulars of the property charged

Hypothecation on the entire stocks of inventory, receivables, bills and other chargeable current assets of the company both present and future.

Hypothecation of plant and machineries.

Equitable Mortgage over the property owned by the Company situated at Plot No.2 in Krishna Nagar,

S.No.19/3-B, extent 2450 Sq.ft., Madambakkam Village, Tambaram Taluk, Kancheepuram District.

EM over the property owned by the company land and building an extent of 10 cents, in Vengaivasal Village, Comprised in S.No.283, situated at Madambakkam Village, Tambaram Taluka, Kanchipuram District.

All other existing securities already offered to the bank shall continue.

Date of latest modification prior to the present modification

12.11.2009

Particulars of the present modification

The existing credit facilities of Rs.81.716 millions is additionally secured by (i) hypothecation of entire stocks of inventory, receivables, bills and other chargeable currents assets and plant and machineries of the company both present and future. (ii) Equitable Mortgage over the property owned by the Company

All other existing securities and terms and conditions of the original charge and subsequent modifications remain unchanged.

FIXED ASSETS:

v Factory Land

v Building Lathe

v Building Office

v Building Puthur WIP

v Building Vengaivasa

v Air Conditioner

v Computer

v Electrical Fittings

v Fax Machine

v Furniture and Fittings

v Generator

v Office Equipments

v Plant and Machinery

v Refrigerator

v Maruti Versa Car

v Bi-cycle

v Software

v Jeep

v Tavera Car

v Two Wheelers

v Xerox Machine

v Ambessador Car

v Alto Car

v Pajero Car

v Staff Bus

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 records 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.49.18
UK Pound	1	Rs.76.65
Euro	1	Rs.66.63

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.