MIRA INFORM REPORT

Report Date :

18.12.2013

IDENTIFICATION DETAILS

Name :	BESMAK COMPONENTS PRIVATE LIMITED
Registered Office :	No. 21, Mangali Nagar, IInd Street, S Arumbakkam, Chennai – 600106, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.10.1994
Com. Reg. No.:	18-28942
Capital Investment / Paid-up Capital :	Rs.19.500 Millions
CIN No.: [Company Identification No.]	U33112TN1994PTC028942
TAN No.: [Tax Deduction & Collection Account No.]	CHEB04179A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic Components for Automobiles.
No. of Employees :	Not Available

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 380000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing 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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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.

LOCATIONS

Registered/ Corporate Office :	No.21, Mangali Nagar, IInd Street, S Arumbakkam, Chennai – 600106, Tamilnadu, India
Tel. No.:	91-44-24752776 / 24751597
Fax No.:	91-44-24759782
E-Mail :	accounts@besmakindia.com besmak@vsnl.com rajeshr@besmakindia.com md@besmakindia.com
Website :	www.besmakindia.com
Area :	1000 Sq. ft.
Location :	Rented
Factory / Administrative Office :	241, Avadi – Poonamallee Main Road, K Veeraragavavapuram, Chennai – 600077, Tamilnadu, India.
Tel. No.:	91-44-26802210
Fax No.:	91-44-26802210
Area :	21000 Sq. ft.
Location :	Rented
Warehouse :	Haryana Plot No.2, Basement, Pataudi Road, Gurgaon – 122001, India Tel No: 91-124-2220318 Maharashtra Gut No.134/2, Sho No.3, Chakantalegaon Road, Mahalunge, Chakan (Near Jindal), Pune – 410501, Maharashtra, India

DIRECTORS

As on 30.09.2013

Name :

Mrs. Hema Hari

Designation :

Managing Director and Chairman

Address :

134, Sundaram Street, Sree Raag Apartments, Chinmaya Nagar, Stage I, Chennai – 600111, Tamilnadu, India

Date of Birth/Age :

12.12.1974

Qualification :

Post Graduate

Date of Appointment :

19.09.2005

Din No.:

00920335

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	U33112TN1994PTC028942	BESMAK COMPONENTS PRIVATE LIMITED	Managing director	19/09/2005	19/03/2005	Active	NO
2	U25194TN2012PTC086932	CNH MOULDS PRIVATE LIMITED	Director	25/07/2012	25/07/2012	Active	NO

Name :

Mr. Rajesh Ramannambesan

Designation :

Director

Address :

134, Sundaram Street, Sree Raag Apartments, Chinmaya Nagar, Stage I, Chennai – 600111, Tamilnadu, India

Date of Birth :

14.11.1976

Date of Appointment :

20.06.2005

Qualification :

Engineer

Din No.:

00630328

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	U33112TN1994PTC028942	BESMAK COMPONENTS PRIVATE LIMITED	Director	20/06/2005	20/06/2005	Active	NO
2	U25194TN2012PTC086932	CNH MOULDS PRIVATE LIMITED	Director	25/07/2012	25/07/2012	Active	NO

Name :

Mrs. Devi Narayan

Designation :

Director

Address :

Royal Towers, Flat No.403, A Wing, Sector 8A, Airoli, Navi Mumbai – 400 708, Maharashtra, India

Qualification :

Graduate

Date of Birth :

21.02.1971

Date of Appointment :

20.06.2005

Din No.:

00728624

Name :

Mrs. Ambika Chullixie

Designation :

Additional Director

Address :

134, Sundaram Street, Sree Raag Apartments, Chinmaya Nagar, Stage I, Chennai – 600111, Tamilnadu, India

Date of Birth :

27.11.1939

Date of Appointment :

20.06.2005

Din No.:

00920358

KEY EXECUTIVES

Name :	V. Mahesh and Associates
Designation :	Company Secretaries
Address :	9/5, Nandanam Extension, 1^st Street, Namdanam, Chennai – 600035, Tamilnadu, India
Tel. No.:	91-44-24354113
Fax No.:	91-44-43174474
E-Mail :	chennaiho@vmace.co.in

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Hema Hari	1949415
Ambika Chulliyie	195
Rajesh Ramannambesan	195
Devi Narayan Nambiar	195
Total	1950000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic Components for Automobiles.

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Connectors and Terminals	1500 HP	1030 HP	270260903 Nos.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The South Indian Bank Limited, Nungambakkam Branch, Sterling Road, Chennai – 600034, Tamilnadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long-Term Borrowings
Includes Dues to Directors	37.041	2.820
Short-Term Borrowings
Cash credit south Indian Bank Limited, Nungambakham Branch	56.447	50.523
External credit borrowings from banks	14.826	6.783
Total	108.314	60.126

Banking Relations :	---
Auditors :
Name :	Krishnan and Natarajan Chartered Accountants
Address :	9/5, First Floor, First Street, Nandanam Extension, Nandanam, Chennai – 600035, Tamilnadu, India
Tel. No.:	91-461-2331690
E-Mail :	knaudit@vsnl.com
PAN No.:	AEHPK7883A

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1950000	Equity Shares	Rs.10/- each	Rs.19.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1950000	Equity Shares	Rs.10/- each	Rs.19.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	19.500	19.500	19.500
(b) Reserves & Surplus	77.351	64.345	42.745
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	96.851	83.845	62.245
(3) Non-Current Liabilities
(a) long-term borrowings	37.041	2.820	5.831
(b) Deferred tax liabilities (Net)	7.046	6.810	6.600
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.156	2.787	2.337
Total Non-current Liabilities (3)	47.243	12.417	14.768
(4) Current Liabilities
(a) Short term borrowings	71.273	57.306	53.245
(b) Trade payables	48.906	38.596	56.488
(c) Other current liabilities	69.363	40.043	16.930
(d) Short-term provisions	0.858	0.499	0.000
Total Current Liabilities (4)	190.400	136.444	126.663
TOTAL	334.494	232.706	203.676
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	73.480	63.990	62.978
(ii) Intangible Assets	1.934	0.552	0.575
(iii) Capital work-in-progress	64.851	1.713	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.270	0.270	0.270
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.415	7.076	4.472
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	149.950	73.601	68.295
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	30.870	31.568	28.115
(c) Trade receivables	116.252	92.828	89.914
(d) Cash and cash equivalents	3.807	10.709	6.745
(e) Short-term loans and advances	33.615	24.000	10.607
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	184.544	159.105	135.381
TOTAL	334.494	232.706	203.676

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Sales		357.177	271.893
		Export Sales	360.592	2.466	1.460
		Other Income		4.769	17.226
		TOTAL (A)	360.592	364.412	290.579
Less	EXPENSES
		Office Expenses
		Administrative Expenses	340.849	314.476	237.338
		Advertising Expenses
		TOTAL (B)	340.849	314.476	237.338
			(Including Financial Expenses and Depreciation Expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			49.936	53.241
Less	FINANCIAL EXPENSES (D)			10.231	10.201
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			39.705	43.040
Less/ Add	DEPRECIATION/ AMORTISATION (F)			7.895	5.127
	PROFIT BEFORE TAX (E-F) (G)		19.743	31.810	37.913
Less	TAX (H)		6.736	10.210	12.184
	PROFIT AFTER TAX (G-H) (I)		13.007	21.600	25.729
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		60.844	39.244	13.515
	BALANCE CARRIED TO THE B/S		73.851	60.844	39.244
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	1.461
	TOTAL EARNINGS		NA	NA	1.461
	IMPORTS
		Raw Materials	NA	36.317	23.451
		Capital Goods	NA	0.000	4.733
		Spare Parts	NA	2.199	0.321
	TOTAL IMPORTS		NA	38.516	28.505
	Earnings Per Share (Rs.)		6.67	11.08	20.12

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.61	5.93	8.85
Net Profit Margin (PBT/Sales)	(%)	NA	8.84	13.87
Return on Total Assets (PBT/Total Assets}	(%)	7.38	13.79	18.64
Return on Investment (ROI) (PBT/Networth)		0.20	0.38	0.61
Debt Equity Ratio (Total Debt /Networth)		1.12	0.72	0.95
Current Ratio (Current Asset/Current Liability)		0.97	1.17	1.07

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	No
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	No
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
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

CORPORATE INFORMATION

Subject is a private limited company domiciled in India and incorporated under the provisions of the companies Act, 1956. The company is engaged in manufacturing plastic components for automobiles.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10390822	19/11/2012	9,500,000.00	THE SOUTH INDIAN BANK LIMITED	NUNGAMBAKKAM BRANCH, NO.1, STERLING ROAD, CHENNAI, TAMIL NADU - 600034, INDIA	B63675201
2	90290796	19/11/2012 *	216,775,000.00	THE SOUTH INDIAN BANK LIMITED	NUNGAMBAKKAM BRANCH, NO.1, STERLING ROAD, CHENNAI, TAMIL NADU - 600034, INDIA	B63673305
3	90281525	27/10/1999	7,500,000.00	THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION	473; ANNA SALA; NANDANAM, CHENNAI, TAMILNADU - 600035, INDIA	-
4	90283753	02/07/2001 *	2,500,000.00	THE SOUTH INDIAN BANK LIMITED	NUNGAMBAKKAM BRANCH, NO.1, STERLING ROAD, CHENNAI, TAMIL NADU - 600034, INDIA	-
5	90281446	11/10/1995	2,600,000.00	THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION	ARULMANAI ; 27 WHITES ROAD, MADRAS, TAMILNADU - 600014, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land

· Plant and Machinery

· Furniture and Fittings

· Office Equipments

· Office Equipments – Computers

· Vehicle

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.61.92
UK Pound	1	Rs.100.83
Euro	1	Rs.85.27

INFORMATION DETAILS

Report Prepared by :

NTH

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	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	NO
--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.