MIRA INFORM REPORT

Report Date :

22.07.2013

IDENTIFICATION DETAILS

Name :	HARIRAM CHEMICALS PRIVATE LIMITED
Registered Office :	69, A.S.K. Thanfgiah Nagar Road, Sivakasi – 626 123, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.06.1987
Com. Reg. No.:	18-014495
Capital Investment / Paid-up Capital :	Rs.2.101 millions
CIN No.: [Company Identification No.]	U24294TN1987PTC014495
TAN No.: [Tax Deduction & Collection Account No.]	MRIH00136D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Potassium Chlorate.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 81000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears a dip in the profitability of the company during current year. However, liquidity position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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

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 Office :	69, A.S.K. Thanfgiah Nagar Road, Sivakasi – 626 123, Tamilnadu, India
Tel. No.:	91-4562-272328/ 230737
Fax No.:	91-4562-272329
E-Mail :	sundaravelgroup@dataone.in
Factory :	Located at: · Virudhunagar District, Tamilnadu, India

DIRECTORS

AS ON 27.09.2012

Name :

Mr. Sankaralingam Hariram Sundaravel

Designation :

Director

Address :

288/7, Gnanagiri Road, Sivakasi, Tamilnadu, India

Date of Birth/Age :

18.07.1971

Date of Appointment :

29.09.1992

DIN No.:

01041620

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	U65993TN1983PTC009814	SIVAGURU INVESTMENTS PRIVATE LIMITED	Director	15/11/1989	15/11/1989	-	Active	NO
2	U65993TN1983PTC009838	SANKARALINGAM INVESTMENTS PRIVATE LIMITED	Director	15/11/1989	15/11/1989	-	Active	NO
3	U22110TN1984PTC011153	SPECTRUM PRINTPACK PUBLISHERS PRIVATE LIMITED	Director	15/11/1989	15/11/1989	-	Dissolved	NO
4	U65993TN1983PTC009816	SUNDARAVEL INVESTMENT PRIVATE LIMITED	Director	15/11/1989	15/11/1989	-	Active	NO
5	U01119TN1974PTC006790	SUNDARAVEL PLANTATION PRIVATE LIMITED	Director	15/11/1989	15/11/1989	-	Dissolved	NO
6	U60220TN1979PTC007949	SUNDARAVAL ROADWAYS PRIVATE LIMITED	Director	15/11/1989	15/11/1989	-	Dissolved	NO
7	U24297TN1975PTC006848	SUNDER VELRAJ CHEMICALS PRIVATE LIMITED	Director	15/11/1989	15/11/1989	-	Active	NO
8	U24291TN1972PTC006203	SUNDARAVEL MATCH INDUSTRIES PRIVATE LIMITED	Managing director	15/07/2010	02/08/1990	-	Active	NO
9	U24294TN1987PTC014495	HARIRAM CHEMICALS PRIVATE LIMITED	Director	29/09/1992	29/09/1992	-	Active	NO
10	U32301TN1993PTC024616	HITECH GLUES PRIVATE LIMITED	Director	19/04/1993	19/04/1993	-	Strike off	NO
11	U17111TN1994PTC026544	VINDHYA SPINNING MILLS PRIVATE LIMITED	Managing director	31/10/1995	31/10/1995	-	Active	NO
12	U22121TN1979PTC007947	SUNDARAVEL PRINTERS PRIVATE LIMITED	Managing director	15/07/2010	01/04/1999	-	Active	NO
13	U24117TN2004PTC053968	SREE GNANAKSHI CHEMICALS PRIVATE LIMITED	Director	13/08/2004	13/08/2004	-	Active	NO
14	U24292TN1997PTC038523	GLOBAL MATCH MAKERS PRIVATE LIMITED	Director	19/02/2005	19/02/2005	-	Active	NO
15	U24231PY2000PTC001516	SUN CHEM PRODUCTS PRIVATE LIMITED	Director	19/02/2005	19/02/2005	11/06/2009	Active	NO
16	U65993TN1983PTC009815	THIAGARAJA INVESTMENTS PRIVATE LIMITED	Director	22/02/2005	22/02/2005	-	Active	NO
17	U74130TN1984PTC011154	SUNDARAVEL MARKETING COMPANY PRIVATE LIMITED	Whole-time director	15/07/2010	28/12/2006	-	Active	NO
18	U24291TN2007PTC063206	KONGU MATCH INDUSTRIES PRIVATE LIMITED	Director	20/04/2007	20/04/2007	-	Active	NO
19	U93090TN1949GAP002688	ALL INDIA CHAMBER OF MATCH INDUSTRIES	Director	02/07/2009	02/07/2009	-	Active	NO
20	U24292TN1974PTC006792	SUNDARAVEL FIRE WORKS PRIVATE LIMITED	Director	19/06/2012	19/06/2012	-	Active	NO

Name :

Mr. Chinnamanickam Srinivasan

Designation :

Director

Address :

725/6-B, Standard Colony, Thiruthangal, Sivakasi – 626 130, Tamilnadu, India

Date of Birth/Age :

02.06.1960

Date of Appointment :

29.01.1997

DIN No.:

01943819

Name :

Mr. Marimuthu Balasubramanian

Designation :

Director

Address :

26-I, Satchiyapuram Road, Thiruthangal, Sivakasi, Tamilnadu, India

Date of Birth/Age :

07.05.1967

Date of Appointment :

22.02.2005

DIN No.:

02363551

Name :

Sankaralingam Sriram Ashok

Designation :

Director

Date of Appointment :

13.07.2012

DIN No.:

01041637

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	U60220TN1979PTC007949	SUNDARAVAL ROADWAYS PRIVATE LIMITED	Director	22/09/1979	22/09/1979	-	Dissolved	NO
2	U65993TN1983PTC009815	THIAGARAJA INVESTMENTS PRIVATE LIMITED	Director	24/01/1983	24/01/1983	-	Active	NO
3	U65993TN1983PTC009814	SIVAGURU INVESTMENTS PRIVATE LIMITED	Director	24/01/1983	24/01/1983	-	Active	NO
4	U22121TN1979PTC007947	SUNDARAVEL PRINTERS PRIVATE LIMITED	Whole-time director	15/07/2010	29/08/1983	-	Active	NO
5	U22110TN1984PTC011153	SPECTRUM PRINTPACK PUBLISHERS PRIVATE LIMITED	Director	13/09/1984	13/09/1984	-	Dissolved	NO
6	U74130TN1984PTC011154	SUNDARAVEL MARKETING COMPANY PRIVATE LIMITED	Managing director	15/07/2010	13/11/1984	-	Active	NO
7	U01119TN1974PTC006790	SUNDARAVEL PLANTATION PRIVATE LIMITED	Director	15/07/1985	15/07/1985	-	Dissolved	NO
8	U24294TN1987PTC014495	HARIRAM CHEMICALS PRIVATE LIMITED	Director	13/07/2012	10/06/1987	-	Active	NO
9	U32301TN1993PTC024616	HITECH GLUES PRIVATE LIMITED	Director	16/03/1993	16/03/1993	-	Strike off	NO
10	U24297TN1975PTC006848	SUNDER VELRAJ CHEMICALS PRIVATE LIMITED	Director	03/10/1994	03/10/1994	-	Active	NO
11	U17111TN1994PTC026544	VINDHYA SPINNING MILLS PRIVATE LIMITED	Director	30/10/1995	30/10/1995	-	Active	NO
12	U24291TN1972PTC006203	SUNDARAVEL MATCH INDUSTRIES PRIVATE LIMITED	Whole-time director	15/07/2010	28/10/1996	-	Active	NO
13	U24231PY2000PTC001516	SUN CHEM PRODUCTS PRIVATE LIMITED	Director	29/10/2003	29/10/2003	-	Active	NO
14	U24292TN1974PTC006792	SUNDARAVEL FIRE WORKS PRIVATE LIMITED	Director	01/04/2012	01/11/2003	-	Active	NO
15	U24117TN2004PTC053968	SREE GNANAKSHI CHEMICALS PRIVATE LIMITED	Managing director	13/08/2004	13/08/2004	-	Active	NO
16	U65993TN1983PTC009816	SUNDARAVEL INVESTMENT PRIVATE LIMITED	Director	06/09/2004	06/09/2004	-	Active	NO
17	U65993TN1983PTC009838	SANKARALINGAM INVESTMENTS PRIVATE LIMITED	Director	22/02/2005	22/02/2005	-	Active	NO
18	U24241RJ2007PTC024132	CLASSIC SOAP AND POWDER PRIVATE LIMITED	Director	02/04/2007	02/04/2007	-	Active	NO
19	U24291TN2007PTC063206	KONGU MATCH INDUSTRIES PRIVATE LIMITED	Whole-time director	15/07/2010	20/04/2007	-	Active	NO
20	U93090TN1949GAP002688	ALL INDIA CHAMBER OF MATCH INDUSTRIES	Director	30/06/2007	30/06/2007	02/07/2009	Active	NO
21	U91100TN2009NPL073004	MATCH MANUFACTURERS SERVICE ASSOCIATION	Director	24/09/2009	24/09/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

Names of Shareholders	No. of Shares
S. Sriram Ashok (Indl.)	1
Sundaravel Investments (Private) Limited, India	8000
Sivaguru Investments (Private) Limited, India	5504
Thiyagaraja Investments (Private) Limited, India	2000
Sankalingam Investments (Private) Limited, India	5503
S. Hariram Sunaravel (Indl.)	2
S. Sriram Ashok (HUF)	1
S. Asha Devi	1
Total	21012

AS ON 27.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.80
Directors or relatives of directors	0.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Potassium Chlorate.

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	31.03.2010
Licensed Capacity	1080 MT
Installed Capacity (As certified by a Director)	800 MT
Production of Potassium Chlorate	449.800 MT

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Velayutham Rastha, Sivakasi – 626 123, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
Cash Credit
From State Bank of India, Sivakasi (Secured by mortgage of factory land and buildings, hypothecation of raw materials, stock-in-trade, finished goods, stores and spares, receivables and personal guarantee of all directors)	0.000	0.665
Total	0.000	0.665

Banking Relations :	--
Auditors :
Name :	Somasundaram and Rajamani Chartered Accountants
Address :	Plot No.354, Annan Nagar, Madurai – 625 020, Tamilnadu, India
PAN No:	AAJFS3183P

CAPITAL STRUCTURE

AS ON 27.09.2012

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
21012	Equity Shares	Rs.100/- each	Rs.2.101 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	2.101	2.101
(b) Reserves & Surplus	18.104	17.887
(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)	20.205	19.988
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.665
(b) Trade payables	1.215	1.740
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	0.532	0.383
Total Current Liabilities (4)	1.747	2.788
TOTAL	21.952	22.776
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.673	0.813
(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	11.143	10.006
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	11.816	10.819
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1.873	2.683
(c) Trade receivables	1.285	2.876
(d) Cash and cash equivalents	2.799	0.677
(e) Short-term loans and advances	3.538	5.196
(f) Other current assets	0.641	0.525
Total Current Assets	10.136	11.957
TOTAL	21.952	22.776

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.101
2] Share Application Money		0.000
3] Reserves & Surplus		17.182
4] (Accumulated Losses)		0.000
NETWORTH		19.283
LOAN FUNDS
1] Secured Loans		0.700
2] Unsecured Loans		0.000
TOTAL BORROWING		0.700
DEFERRED TAX LIABILITIES		0.000
TOTAL		19.983
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.034
Capital work-in-progress		0.000
INVESTMENT		10.006
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.566
	Sundry Debtors	2.277
	Cash & Bank Balances	0.631
	Other Current Assets	0.000
	Loans & Advances	5.739
Total Current Assets		11.213
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.833
	Other Current Liabilities	0.006
	Provisions	0.431
Total Current Liabilities		2.270
Net Current Assets		8.943
MISCELLANEOUS EXPENSES		0.000
TOTAL		19.983

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	TOTAL EXPENSES		NA	NA	NA
	PROFIT / (LOSS)		0.366	1.087	0.658
	EARNINGS IN FOREIGN CURRENCY		NA	NA	6.885

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt/Networth)	0.00	0.03	0.04
Current Ratio (Current Asset/Current Liability)	5.80	4.29	4.94

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	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	No
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	No
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

FIXED ASSETS:

· Land

· Buildings

· Furniture

· Machinery

· Vehicles

· Calculator

· Computer

· Phone

· Cycle

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.59.79
UK Pound	1	Rs.91.03
Euro	1	Rs.78.52

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	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.