MIRA INFORM REPORT

Report Date :

02.08.2013

IDENTIFICATION DETAILS

Name :	TAYLOR RUBBER PRIVATE LIMITED
Registered Office :	Plot No:.283, SIDCO Industrial Estate, Thirumudivakkam, Chennai – 600044, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.05.1998
Com. Reg. No.:	18-040489
Capital Investment / Paid-up Capital :	Rs. 9.981 millions
CIN No.: [Company Identification No.]	U25199TN1998PTC040489
TAN No.: [Tax Deduction & Collection Account No.]	CHET02379G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Rubber Molded Parts.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 340000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has seen a drastic dip in its sales turnover as well as net profitability during 2012. However, trade relations are fair. Business is active. Payment terms are usually correct. In view of reputed client base, 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Priya
Designation :	Office Executive
Contact No.:	91-44-42429292
Date :	31.07.2013

LOCATIONS

Registered Office / Factory 1 :	Plot No:.283, SIDCO Industrial Estate, Thirumudivakkam, Chennai – 600044, Tamilnadu, India
Tel. No. :	91-44-42429292
Fax No. :	91-44-42429280 / 42429281
E-Mail :	info@taylorrubber.com ajohnmoris@hotmail.com nrs@taylorrubber.com accounts@taylorrubber.com
Website :	www.taylorrubber.com
Location :	Owned
Factory 2 :	Plot No.2, SIDCO Industrial Estate, Thirumudivakkam, Chennai – 600044, Tamilnadu, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Ashok Thattai Tiruvallore

Designation :

Managing director

Address :

No.24B, Arunachalam Road, Kotturpuram, Chennai - 600085, Tamilnadu, India

Date of Appointment :

13.05.1998

DIN No. :

02107615

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	U63090TN1995PTC029797	TAYLOR CLEARING AND FORWARDING PRIVATE LIMITED	Director	10/01/1995	10/01/1995	-	Active	NO
2	U25199TN1998PTC040489	TAYLOR RUBBER PRIVATE LIMITED	Managing director	13/05/1998	13/05/1998	-	Active	NO

Name :

Mr. Ashok Ranjitha

Designation :

Director

Address :

No.24B, Arunachalam Road, Kotturpuram, Chennai - 600085, Tamilnadu, India

Date of Appointment :

13.05.1998

DIN No. :

02107642

Name :

Mr. Rangaswami Malathi

Designation :

Director

Address :

Old No. 18, New No. 4, Sri Ram Nagar,, South Street,, Chennai - 600018, Tamilnadu, India

Date of Appointment :

13.05.1998

DIN No. :

02107806

Name :

Mr. Madhav Thattai Tiruvallur

Designation :

Director

Address :

No.24B, Arunachalam Road, Kotturpuram, Chennai - 600085, Tamilnadu, India

Date of Appointment :

09.09.2010

DIN No. :

03280739

Name :

Mr. Keshav Tiruvallur Thattai

Designation :

Director

Address :

No.24B, Arunachalam Road, Kotturpuram, Chennai - 600085, Tamilnadu, India

Date of Appointment :

09.09.2010

DIN No. :

03311745

KEY EXECUTIVES

Name :	Ms. Priya
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Names of Shareholders	No. of Shares
Ranjitha Ashok	282660
Malathi Rangaswami	322392
T.T. Ashok	112000
V.Dwaraknathan	17500
R. Narayanan	17430
N.Mohan Raj	17500
C. V. Rajagopal	17500
T.T. Madhav	134960
T.T. Keshav	76132
B. Chandra	7
Indira Sam Path	7
Suhail Syed	7
V. Sundara	7
Venkatesan	7
K. Srinivasan	7
Geetha Kasturi	7
S.R. Raghuvir	7
Anjali Priyadharshni	7
Sita Varadhachari	7
Total	998144

As on

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	93.00
Others	7.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Rubber Molded Parts.

Products :

Item Code No. (ITC Code)	Product Description
40.16.93	Gasket, Washer and Other Seals
40.16.99	Rubber Bushes
40.17	Scrap Rubber

Exports :

Products :

Rubber Molded Parts

Countries :

· USA

· Germany

· Italy

Imports :

Products :

Raw Material

Countries :

· China

· Korea

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Mixing	Tonnes	Not Applicable	1019304.00	457.94
Gasket Mould	Nos	Not Applicable	3732000	3638725
TRP Mould	Nos	Not Applicable	2160000	2066400

GENERAL INFORMATION

Supplier :

· R. K. Industries

· S. L. Engineering

· Devi Industries

· Aditya Engineering Enterprises

· G. V. Industries

· Janani and Company

· Pearl Logistics

· Sai Logistics Private Limited

· TNT India Private Limited

· Star Screen Printers

Customers :

End Users

· Parker Hanifin (India) Private Limited

· Preethi Kitchen Appliance

· TTK Prestige

· Vestas Wid Technology

· Gemo

· Macoflex

· Persea

· Samson Compounds Private Limited

· Tabo

· Wiper Tek

No. of Employees :

150 (Approximately)

Bankers :

· State Bank of India, SME Guindy Branch, 65-A, G.S.T Road, Guindy, Chennai - 600032, Tamilnadu, India

· State Bank of India, Commercial Branch, 65-A, G.S.T.Road, Guindy, Chennai - 600032, Tamilnadu, India

· Canara Bank, Specialised SME Branch, Perungudi, Chennai – 600032, Tamilnadu, India

· City Union Bank

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long term borrowings
Term Loan - From Bank
State Bank of India – Term Loan	6.025	8.425
SBI Term Loan (New)	4.723	4.493
Term Loan - From Others
Kotak Mahindra Prime Limited	1.880	2.722
Short term borrowings
Working Capitla Facilities
State Bank of India – CC A/c 31160797307	0.948	0.801
State Bank of India Cash Credit A/c No: 31055679043	12.787	6.072
Total	26.363	22.513

Banking Relations :	--
Auditors :
Name :	Karra and Company Chartered Accountants
Address :	Anugraha # New No 28, Ground Floor, Murray's Gate Road, Alwarpet, Chennai – 600018, Tamilnadu, India
PAN No. :	AAAFK3000E

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
998144	Equity Shares	Rs.10/- each	Rs. 9.981 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.981	9.981
(b) Reserves & Surplus	75.771	71.584
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	85.752	81.565
(3) Non-Current Liabilities
(a) long-term borrowings	12.627	15.639
(b) Deferred tax liabilities (Net)	0.000	0.065
(c) Other long term liabilities	2.579	2.578
(d) long-term provisions	2.471	2.471
Total Non-current Liabilities (3)	17.677	20.753
(4) Current Liabilities
(a) Short term borrowings	13.736	6.874
(b) Trade payables	18.791	24.729
(c) Other current liabilities	1.126	2.580
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	33.653	34.183
TOTAL	137.082	136.501
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	76.572	57.298
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.352	4.081
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	77.924	61.379
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	11.006	6.930
(c) Trade receivables	19.672	25.513
(d) Cash and cash equivalents	25.316	39.184
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	3.164	3.495
Total Current Assets	59.158	75.122
TOTAL	137.082	136.501

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.981
2] Share Application Money		0.000
3] Reserves & Surplus		27.882
4] (Accumulated Losses)		0.000
NETWORTH		37.863
LOAN FUNDS
1] Secured Loans		16.862
2] Unsecured Loans		2.504
TOTAL BORROWING		19.366
DEFERRED TAX LIABILITIES		0.538
TOTAL		57.767
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.475
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.887
	Sundry Debtors	13.901
	Cash & Bank Balances	11.711
	Other Current Assets	0.000
	Loans & Advances	3.163
Total Current Assets		36.662
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.843
	Other Current Liabilities	0.000
	Provisions	1.527
Total Current Liabilities		16.370
Net Current Assets		20.292
MISCELLANEOUS EXPENSES		0.000
TOTAL		57.767

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	159.334	143.137	100.867
		Other Income	4.323	57.024	0.439
		TOTAL (A)	163.657	200.161	101.306
Less	EXPENSES
		Cost of materials consumed	85.914	67.477
		Employee benefit expenses	19.422	19.764
		Other expenses	40.526	45.850
		(Increase)/ Decrease in inventories	(1.453)	1.333
		TOTAL (B)	144.409	134.424	85.659
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.248	65.737	15.647
Less	FINANCIAL EXPENSES (D)		7.305	4.993	3.828
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.943	60.744	11.819
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.550	5.306	3.899
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		6.393	55.438	7.920
Less	TAX (H)		2.206	11.737	2.456
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		4.187	43.701	5.464
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		58.880	15.179	12.215
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	2.500
	BALANCE CARRIED TO THE B/S		63.067	58.880	15.179
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB basis	31.690	71.078	50.848
	TOTAL EARNINGS		31.690	71.078	50.848
	IMPORTS
		Raw Materials	52.062	21.847	14.092
	TOTAL IMPORTS		52.062	21.847	14.092
	Earnings / (Loss) Per Share (Rs.)		4.20	43.78	5.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.56	21.83	5.39
Net Profit Margin (PBT/Sales)	(%)	4.01	38.73	7.85
Return on Total Assets (PBT/Total Assets}	(%)	4.66	40.61	10.68
Return on Investment (ROI) (PBT/Networth)		0.07	0.41	0.21
Debt Equity Ratio (Total Debt/Networth)		0.31	0.28	0.51
Current Ratio (Current Asset/Current Liability)		1.76	2.20	2.24

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
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	Yes
10]	Designation of contact person	Yes
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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10213771	05/06/2013 *	84,100,000.00	STATE BANK OF INDIA	SME GUINDY, 65-A GST ROAD,GUINDY, CHENNAI - 600032, TAMILNADU, INDIA	B78680261
2	90285212	20/12/2010 *	3,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 65-A, G.S.T.ROAD, GUINDY, CHENNAI - 600032, TAMIL NADU, INDIA	B01452648

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012	31.03.2011
Guarantees given by banks on behalf of the company	2.840	2.925

FIXED ASSETS

· Land (Lease Hold)

· Building

· Furniture and Fixtures

· Plant and Machinery

· Office Equipment

· Computer and Accessories

· Vehicles

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 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.60.74
UK Pound	1	Rs.92.06
Euro	1	Rs.80.60

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.