MIRA INFORM REPORT

Report Date :

17.05.2012

IDENTIFICATION DETAILS

Name :	CARBONAIRE INDUSTRIES (MADRAS) PRIVATE LIMITED
Registered Office :	New No.207, (Old No.129), St. Mary’s Road, Alwarpet, Chennai – 600 018, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.05.1997
Com. Reg. No.:	18-038208
Capital Investment / Paid-up Capital :	Rs.4.551 Millions
CIN No.: [Company Identification No.]	U25209TN1997PTC038208
TIN No.:	33210921961
TAN No.: [Tax Deduction & Collection Account No.]	CHEC04044F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer 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

LOCATIONS

Registered Office :	New No.207, (Old No.129), St. Mary’s Road, Alwarpet, Chennai – 600 018, 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
Head Office :	144, Old Mahabalipuram Road, Chennai – 600 119, Tamilnadu, India

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 – 600 018, 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 – 600 018, 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 – 600 018, 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 – 600 018, 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 :	Manufacturer of all types of Plastic Injection Molded Components.
Products :	· CAD Enclosures · Thin Wall Containers · Automotive Products · Kitchen Appliances

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Actual Production Nos.
Articles of the conveyance or packing of goods, of Plastics, stoppers, Lids and other closures of Plastics	337950
Electrical Insulators of any Material	1942231
Parts and Accessories of the Motor Vehicle of H No.87.01 to 87.06	3894136
Electrical Insulators of any Material Railways	7903782
Mould	54
Total	14078153

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

State Bank of India, Siruthozhil Branch No. 2, Valluvarkottam, High Road, Chennai – 600 034, 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 Accountants
Address :	No.218, T. T. K. Road, Alwarpet, Chennai – 600 018, Tamilnadu, India
PAN No.:	AABFS8836R
Firm in which directors are interested :	Car Plast India

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 Pending Allotment		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
DEFERRED 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	62.757	3.500
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	26.774	22.885	72.556
Total Current Assets		111.563	141.607	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	101.248	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/ Decrease 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	73.300
	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

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

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.

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.54.29
UK Pound	1	Rs.86.60
Euro	1	Rs.68.87

INFORMATION DETAILS

Report Prepared by :

SMN

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	YES
--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.