MIRA INFORM REPORT

Report Date :

02.01.2012

IDENTIFICATION DETAILS

Name :	CARBONAIRE INDUSTRIES (MADRAS) PRIVATE LIMITED
Registered Office :	New No. 207, (Old No. 129) ST Mary’s Road, Alwarpet, Chennai- 600018, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.05.1997
Com. Reg. No.:	18-38208
Capital Investment / Paid-up Capital :	Rs.4.551 Millions
CIN No.: [Company Identification No.]	U25209TN1997PTC038208
TAN No.: [Tax Deduction & Collection Account No.]	CHEC04044F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufactures of all types of Plastic Injection Molded Components
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 530000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Maruti Kathare
Designation :	Director
Contact No.:	91-9841045711

LOCATIONS

Registered Office :	New No. 207, (Old No. 129) ST Mary’s Road, Alwarpet, Chennai-600018, Tamilnadu, India
Tel. No.:	91-44-24961016/ 24961257
Mobile No.:	91-9841045711 (Mr. Maruti Kathare)
Fax No.:	91-44-24960064
E-Mail :	carbonai@vsnl.com anand@carbonaire.com
Website :	http://www.satyamplastics.com
Area :	50000 sq. ft

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Maruthi Rajaram Kathare

Designation :

Chairman cum Managing Director

Address :

New No. 207, (Old No. 129) ST Mary’s Road, Alwarpet, Chennai-600018, Tamilnadu, India

Date of Birth/Age :

02.05.1960

Date of Appointment :

16.05.1997

DIN No.:

00863732

Name :

Mr. Anand Rajaram Kathare

Designation :

Whole Time Director

Address :

New No. 207, (Old No. 129) ST Mary’s Road, Alwarpet, Chennai-600018, Tamilnadu, India

Date of Birth/Age :

09.06.1965

Date of Appointment :

16.05.1997

DIN No.:

00863777

Name :

Mrs. Sharada Rajaram Kathare

Designation :

Whole Time Director

Address :

New No. 207, (Old No. 129) ST Mary’s Road, Alwarpet, Chennai-600018, Tamilnadu, India

Date of Birth/Age :

03.07.1940

Date of Appointment :

31.12.2008

DIN No.:

01523689

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	U25209TN1997PTC038208	CARBONAIRE INDUSTRIES (MADRAS) PRIVATE LIMITED	Director	31/12/2008	27/11/1999	Active	NO

Name :

Mr. Mukund Rajaram Kathare

Designation :

Whole Time Director

Address :

New No. 207, (Old No. 129) ST Mary’s Road, Alwarpet, Chennai-600018, Tamilnadu, India

Date of Birth/Age :

06.09.1967

Date of Appointment :

27.11.1999

DIN No.:

00863892

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Maruthi Rajaram Kathare	16440
Anand Rajaram Kathare	9830
Kavitha Loganathan	1250
Rajaram N Kathare	5000
Sharada Rajaram Kathare	5000
Mukund Rajaram Kathare	6080
Mohanlal Fatechchand Bhatia	1911
Total	45511

(AS ON 30.09.2011)

Equity Shares Break – Up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufactures of all types of Plastic Injection Molded Components
Products :	· CAD Enclosures · Thin Wall Containers · Automotive Products · Kitchen Appliances

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

· State Bank of India,

Siruthozhil Branch No. 2, Valluvarkottam, High Road, Chennai-600034, Tamilnadu, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Banks (Hypothecation against book debts and Stock in trade, land and building, Machinery) (Also secured by directors in their personnel Capacity)	13.429	1.923
From Others (Secured against hypothecation of vehicles)	0.420	0.558
Total	13.850	2.481
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors – Long Terms	0.000	0.065
From Others – Long Terms	8.305	9.166
Total	8.305	9.231

Banking Relations :	--
Auditors :
Name :	S. Venkatram and Company Chartered Accountant
Address :	No.218, T. T. K. Road, Alwarpet, Chennai – 600018, Tamilnadu, India
PAN No.:	AABFS8836R

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45511	Equity Shares	Rs.100/- each	Rs.4.551 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4.551	4.360	4.360
2] Share Application Money		0.001	11.467	12.220
3] Reserves & Surplus		128.205	104.721	73.575
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		132.757	120.548	90.155
LOAN FUNDS
1] Secured Loans		13.850	2.481	6.698
2] Unsecured Loans		8.305	9.231	3.640
TOTAL BORROWING		22.155	11.712	10.338
DEFERRED TAX LIABILITIES		0.000	0.000	2.553
TOTAL		154.912	132.260	103.046
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		69.084	26.906	45.277
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		10.423	3.290	0.000
DEFERREX TAX ASSETS		0.765	0.816	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.662	10.994	8.427
	Sundry Debtors	51.594	44.971	106.503
	Cash & Bank Balances	18.533	67.757	3.500
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	26.774	22.885	72.556
Total Current Assets		111.563	146.607	190.986
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	29.055	31.583	68.861
	Other Current Liabilities	5.268	3.576	64.356
	Provisions	2.600	5.200	0.000
Total Current Liabilities		36.923	40.359	133.217
Net Current Assets		74.640	106.248	57.769
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		154.912	132.260	103.046

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	176.901	204.274	246.777
		Other Income	6.040	5.725	12.924
		TOTAL (A)	182.941	209.999	259.701
Less	EXPENSES
		Increase in Stock		1.460	0.000
		Cost of Production		117.898	153.318
		Manufacturing Expenses		20.467	28.239
		Employee Expenses		2.055	2.394
		Administrative and Selling Expenses		13.713	32.769
		TOTAL (B)	170.670	155.593	216.720
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses and Depreciation)	54.406	42.981
Less	FINANCIAL EXPENSES (D)			2.250	4.246
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			52.156	38.735
Less/ Add	DEPRECIATION/ AMORTISATION (F)			19.678	7.966
	PROFIT BEFORE TAX (E-F) (G)		12.271	32.478	30.769
Less	TAX (H)		2.651	(0.780)	(0.079)
	PROFIT AFTER TAX (G-H) (I)		9.620	33.258	30.848
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	73.300	37.297
Add/ Less	ADJUSTMENT DURING THE YEAR		NA	(2.113)	5.155
	BALANCE CARRIED TO THE B/S		NA	104.445	73.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	110.485	152.980	208.364
	TOTAL EARNINGS		110.485	152.980	208.364
	IMPORTS VALUE		67.895	93.892	121.281
	Earnings Per Share (Rs.)		211.38	762.80	707.53

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.26	15.84	11.88
Net Profit Margin (PBT/Sales)	(%)	6.94	15.90	12.47
Return on Total Assets (PBT/Total Assets}	(%)	6.79	18.72	13.02
Return on Investment (ROI) (PBT/Networth)		0.09	0.27	0.34
Debt Equity Ratio (Total Liability/Networth)		0.45	0.43	1.59
Current Ratio (Current Asset/Current Liability)		3.02	3.63	1.43

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from 129, St. Mary’s Road, Alwarpet, Madras-600018, Tamilnadu, India to present address w.e.f. 05.01.2009

SHARES CAPITAL

The company has authorized share capital of Rs.10.000 Millions dividend into 1,00,000 equity shares of Rs.100/- each. The company presently is having a paid up capital of Rs.4.551 Millions shares divide d into 45,511 equity shares of Rs.100/- each.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90293775
Corporate identity number of the company	U25209TN1997PTC038208
Name of the company	CARBONAIRE INDUSTRIES (MADRAS) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	129, St. Mary’s Road, Alwarpet, Madras-600018, Tamilnadu, India
Type of charge	Immovable Property Others : Hypothecation
Particular of charge holder	State Bank of India, Siruthozhil Branch No. 2, Valluvarkottam, High Road, Chennai-600034, Tamilnadu, India siru6616@md5.vsnl.net.in
Nature of description of the instrument creating or modifying the charge	1. Supplemental Agreement of Loan cum Hypothecation 2. No Instrument Extension of Equitable Mortgage by deposit of title of the company’s immovable property
Date of instrument Creating the charge	28.03.2007
Amount secured by the charge	Rs.45.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest EPC as per RBI guidelines presently at 9.75% Terms of Repayment Repayment of Demand Margin Raw Material : 20% Stock in Process: 20% Finished Goods : 20% LC : 25% BG : 25% Receivables (Cover period 90 Days) Extent and Operation of the charge As per Agreement Others EPC : Rs. 20.000 Millions Standby Line of Credit : Rs. 2.000 Millions BG: Rs. 3.000 Millions LC : R.s 23.000 Millions Total : Rs. 45.000 Millions
Short particulars of the property charged	Hypothecation of all the company’s current assets, Raw Materials, Semi Finished goods Finished Goods, Cheques/ bills/ receivables under courses of collection, bills/ documents/ goods covered by Cash Credit and receivables meant for Export/ Deemed Export and Extension Equitable Mortgage by deposit of title deeds of Company’s immovable property situated at Factory Land and Buildings at S. No. 217 (Part), 221/1 and 221/2, Kalvakka, Old Mahabalipuram Road, Chennai, Extent 5.56 acres.
Date of latest modification prior to the present modification	28.01.2005
Particulars of the present modification	The various credit facility extended to the company has now been enhanced to Rs. 45.000 Millions Hypothecation and Extension of Equitable Mortgage

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Office Equipments

· Mould and Dies

· Computers

· Furniture and Fixtures

· Vehicles

· Land

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.53.27
UK Pound	1	Rs.82.10
Euro	1	Rs.68.90

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.