MIRA INFORM REPORT

Report Date :

19.06.2012

IDENTIFICATION DETAILS

Name :	SENAPATHY-SYMONS INSULATIONS PRIVATE LIMITED
Registered Office :	5, Primrose Road, Off M G Road, Bangalore – 560025, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.11.1970
Com. Reg. No.:	08-001963
Capital Investment / Paid-up Capital :	Rs.0.810 Million
CIN No.: [Company Identification No.]	U51909KA1970PTC001963
TAN No.: [Tax Deduction & Collection Account No.]	BLRS00524G/ BLRS15491A
PAN No.: [Permanent Account No.]	AACCS6573P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Flexible Insulation Materials such as Polyester Composite Insulating Material, Nomex Composition Insulating Material, Epoxy Dotted Paper, Varnished Fabrics, Glass Cloth/ Polyster Fleble/ Nomex etc.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 30000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 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. Satyarayan
Designation :	Accountant Manager
Contact No.:	91-80-25593307
Date :	18.06.2012

LOCATIONS

Registered Office/ Factory 1 :	5, Primrose Road, Off M G Road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-25593307/ 25593291/ 25593145
Fax No.:	91-80-25597778/ 25593392
E-Mail :	gopal_venus@hotmail.com ksatyan@senapathy.com senapathy@vsnl.net trr@senapathy.com sripad@senapathy.com
Website :	http://www.senapathy.com
Location :	Owned
Factory 2:	Achalu, Ramnagaram, Bangalore – 571511, Karnataka, India

DIRECTORS

(AS ON 28.09.2011)

Name :

Mr. Lakshmanan Arcot Senapathy

Designation :

Chairman and Managing Director

Address :

1/C, Cunningham Road, Bangalore – 560025, Karnataka, India

Date of Birth/Age :

12.06.1931

Date of Appointment :

12.11.1970

DIN No.:

00037374

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	U29308KA1960PTC001395	SENAPATHY WHITELEY PRIVATE LIMITED	Director	05-05-11	29-08-60	-	Active	NO
2	U51909KA1970PTC001963	SENAPATHY-SYMONS INSULATIONS PRIVATE LIMITED	Director	12-11-70	12-11-70	-	Active	NO
3	L85110TN1936PLC071646	KAR MOBILES LIMITED	Director	08-07-88	08-07-88	01-02-10	Active	NO
4	U67120KA1984PTC005824	MHM HOLDINGS PRIVATE LIMITED	Director	23-01-89	23-01-89	16-02-10	Active	NO
5	U31503KA1987PTC008336	R.B.ASSOCIATES PRIVATE LIMITED	Director	07-08-89	07-08-89	-	Active	NO
6	U29100MH1953PTC009189	JOHN FOWLER (INDIA) PRIVATE LIMITED	Director	31-07-91	31-07-91	-	Active	NO
7	L31900KA1985PLC007019	TOYAMA ELECTRIC LIMITED	Director	15-11-93	15-11-93	12-11-11	Active	NO
8	U29221KA1994PTC015104	NTTF INDUSTRIES Private LIMITED	Director	06-01-94	06-01-94	-	Active	NO
9	U31909KA1995PTC017004	INFOGIX (INDIA) PRIVATE LIMITED	Director	05-02-97	05-02-97	-	Active	NO
10	U85110KA1999NPL025461	NETTUR TECHNICAL TRAINING FOUNDATION	Director	13-07-99	13-07-99	-	Active	NO
11	L24239MH1924PLC001151	GLAXOSMITHKLINE PHARMACEUTICALS LIMITED	Director	25-10-01	25-10-01	25-10-07	Active	NO
12	U32109KA1976PTC003018	LAKSHMAN ISOLA PRIVATE LIMITED	Director	23-05-02	23-05-02	-	Active	NO
13	U55101KA2004PTC033245	GOLDEN KITCHENS PRIVATE LIMITED	Director	23-01-04	23-01-04	-	Active	NO
14	U85110KA1983PLC005198	KAYTEE SWITCHGEARS LIMITED	Director	22-03-04	22-03-04	-	Amalgamated	NO
15	L85110KA1946PLC000415	KIRLOSKAR ELECTRIC COMPANY LIMITED	Director	26-10-05	26-10-05	-	Active	NO

Name :

Mrs. Saraswathi Lakshmanan

Designation :

Managing Director

Address :

1/C, Cunningham Road, Bangalore – 560025, Karnataka, India

Date of Birth/Age :

16.09.1942

Date of Appointment :

29.09.1982

DIN No.:

02890365

Name :

Mr. Sharan Lakshmanan

Designation :

Director

Address :

187, 18^th A Main, 6^th Cross, Koramangala, Bangalore – 560096, Karnataka, India

Date of Birth/Age :

29.06.1973

Date of Appointment :

28.09.1989

DIN No.:

00213851

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	Company/ LLP Status	Defaulting status
1	U51909KA1970PTC001963	SENAPATHY-SYMONS INSULATIONS PRIVATE LIMITED	Director	28-09-89	28-09-89	Active	NO
2	U29308KA1960PTC001395	SENAPATHY WHITELEY PRIVATE LIMITED	Managing director	05-05-11	28-09-89	Active	NO
3	U25206KA1984PTC006337	KHEDDA INSULATION SYSTEMS PRIVATE LIMITED	Director	26-06-00	26-06-00	Active	NO
4	U55101KA2004PTC033245	GOLDEN KITCHENS PRIVATE LIMITED	Managing director	29-12-08	23-01-04	Active	NO
5	U74999KA2006PTC039572	PRACTICE STRATEGIC COMMUNICATIONS INDIA PRIVATE LIMITED	Director	29-05-06	29-05-06	Active	NO
6	U31909KA1995PTC017004	INFOGIX (INDIA) PRIVATE LIMITED	Director	01-08-08	01-08-08	Active	NO

Name :

Mrs. Anita Shanmugam

Designation :

Director

Address :

6, Chandrabagh Avenue No.1, First Street, Mypore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

14.07.1961

Date of Appointment :

28.03.2000

DIN No.:

02315796

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	Company/ LLP Status	Defaulting status
1	U65910KA1992PTC013777	METEOR INVESTMENTSANDLEASING PRIVATE LIMITED	Director	30-09-96	30-09-96	Active	NO
2	U51909KA1970PTC001963	SENAPATHY-SYMONS INSULATIONS PRIVATE LIMITED	Director	28-03-00	28-03-00	Active	NO

KEY EXECUTIVES

Name :	Mr. Satyarayan
Designation :	Accountant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2011)

Names of Shareholders	No. of Shares
Lakshmanan Arcot Senapathy	758
Saraswathi Lakshmanan	1980
Sharan Lakshmanan	4461
Indra Prem Menon	450
Anita Shanmugam	450
N. Jayaraman	1
Total	8100

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	99.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Flexible Insulation Materials such as Polyester Composite
Insulating Material, Nomex Composition Insulating Material, Epoxy Dotted Paper, Varnished Fabrics, Glass Cloth/ Polyster Fleble/ Nomex etc.

Products :

Products Description	Item Code No.
Electrical Insulator of any Materials	854600
Aluminium Foil Backed Liner	760760

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

· Pragati Agencies

Customers :

Wholesalers and Retailers

· Vijaya Mercantile Limited

· Bharat Heavy Electrical Limited

No. of Employees :

30 (Approximately)

Bankers :

· Bank of Baroda

Bangalore Main Branch, No.02, Prithvi Building, K G Road, Bangalore – 560009, Karnataka, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Bank of Baroda
Term Loan	0.659	0.000
Cash Credit Account	4.697	1.976
Total	5.356	1.976

Banking Relations :	--
Auditors :
Name :	R. Chandrashekhar and Associates Chartered Accountant
Address :	No.37/10, Cunnungham Road, Bangalore – 560052, Karnataka, India
PAN No.:	AAPPV2909J
Associates/Subsidiaries :	· Senapathy Whiteley (Private) Limited

CAPITAL STRUCTURE

(AS ON 28.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8100	Equity Shares	Rs.100/- each	Rs.0.810 Million

NOTE:

(Of the above 1627 equity shares of Rs.100/- each were allotted as fully paid up shares pursuant to a contract without payment being received in Cash)

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		0.810	0.810	0.810
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.522	2.784	1.485
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.332	3.594	2.295
LOAN FUNDS
1] Secured Loans		5.356	1.976	2.483
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		5.356	1.976	2.483
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		12.688	5.570	4.778
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.358	1.220	1.060
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.141	0.031	0.030
DEFERREX TAX ASSETS		0.119	0.199	0.254
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.560	5.488	4.549
	Sundry Debtors	6.045	7.450	4.590
	Cash & Bank Balances	0.278	0.014	0.015
	Other Current Assets	1.625	0.601	0.000
	Loans & Advances	0.000	0.000	0.424
Total Current Assets		17.508	13.553	9.578
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor and Other Current Liabilities	6.752	8.771	5.253
	Provisions	0.686	0.662	0.891
Total Current Liabilities		7.438	9.433	6.144
Net Current Assets		10.070	4.120	3.434
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		12.688	5.570	4.778

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	49.132	22.623	16.599
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6.159	2.293	1.103
Less/ Add	DEPRECIATION/ AMORTISATION		0.303	0.176	0.184
	PROFIT BEFORE TAX		5.856	2.117	0.919
Less	TAX		1.930	0.705	0.369
	PROFIT AFTER TAX		3.926	1.412	0.550
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.664	0.515	0.679
Less	APPROPRIATIONS
		Transfer to General Reserve	3.880	0.150	0.600
		Proposed Dividend and Tax Dividend	0.188	0.113	0.114
	BALANCE CARRIED TO THE B/S		1.522	1.664	0.515
	IMPORTS
		Raw Materials	NA	0.115	0.000
	TOTAL IMPORTS		NA	0.115	0.000
	Earnings Per Share (Rs.)		484.69	174.32	--

Particulars	31.03.2012
Sales Turnover (Approximately)	45.000

Expected Sales (2012-13): Rs.55.000 Millions

The above information has been parted by Mr. Satyarayan

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	11.92	9.36	5.54
Return on Total Assets (PBT/Total Assets}	(%)	29.48	14.33	8.64
Return on Investment (ROI) (PBT/Networth)		0.80	0.59	0.40
Debt Equity Ratio (Total Liability/Networth)		1.74	3.17	3.76
Current Ratio (Current Asset/Current Liability)		2.35	1.44	1.56

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

TRADE REFERENCE:

· Pragati Agencies

· Vijaya Mercantile Limited

· Bharat Heavy Electrical Limited

OPERATION:

The company was able to take advantage of the growing opportunities due to increased demand for its products. The turnover of the company amounted to Rs.49.132 Million as against Rs.22.623 Millions in the previous year, registering a 117% growth. The company is gearing up for increased level of activities by improving the infrastructure and upgrading the machinery and additional of critical equipment to take on challenges and meet the increasing demand both on the Domestic and Export Fronts. In view of the above, the directors feel the prospects for the company in the year ahead are reasonably good.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90193793
Corporate identity number of the company	U51909KA1970PTC001963
Name of the company	SENAPATHY-SYMONS INSULATIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5, Primrose Road, Off M. G. Road, Bangalore – 560025, Karnataka, India gopal_venus@hotmail.com
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	Bank of Baroda Bangalore Main Branch, No.02, Prithvi Building, K G Road, Bangalore – 560009, Karnataka, India rjr.cs69@gmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental composite agreement of hypothecation of goods, book-debts, moveable machinery and vehicles doc 17 (C) and extension of mortgage by deposit of title deeds (both pertain to the same charge)
Date of instrument Creating the charge	27.09.2010
Amount secured by the charge	Rs.6.416 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest 1). TL Fresh - at 2.50% over BR, effective rate 10.50% p.a. with monthly rests. 2). WCL - as per existing terms of sanction. Penal Int: max 2% p.a. over the normal rate. Terms of Repayment WCL - On Demand. Advance is for a period of 12 months. TL Fresh - In 24 months EMI of Rs.0.042 Million to start from the month of disbursement. Margin TL Fresh -25% WCL - As per existing terms of sanction. Extent and Operation of the charge Exclusive first charge on the assets of the company and to the full extent. Others Cash Credit Rs.5.000 Millions; BG Rs.0.500 Million; TL Fresh Rs.0.916 Million; Total Rs.6.416 Millions.
Short particulars of the property charged	Hypothecation of company's present and future movable fixed assets and current assets like stocks, raw materials, semi finished and finished goods, book debts, receivables, outstanding monies, bills, rights, stores, components, furniture and fittings; other movables, plant and machinery, vehicles etc., EM of land situate in Sy No. 32 Sub (1) Achalu Village, Kylancha Hobli, Ramanagaram Taluk.
Date of latest modification prior to the present modification	30/08/2010
Particulars of the present modification	The amount secured by the charge stands increased to Rs. 6.416 Millions. All other terms and conditions remain unchanged.

FIXED ASSETS:

· Freehold Land

· Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

· 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 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.55.60
UK Pound	1	Rs.87.34
Euro	1	Rs.70.66

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.