MIRA INFORM REPORT

Report Date :

26.11.2013

IDENTIFICATION DETAILS

Name :	PIPE HANGERS AND SUPPORTERS PRIVATE LIMITED
Registered Office :	Door NO. 6, Plot No. 29, Industrial Estate, Perungudi, Chennai – 600 096, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.08.1984
Com. Reg. No.:	18-011068
Capital Investment / Paid-up Capital :	Rs.4.000 Millions
CIN No.: [Company Identification No.]	U28991TN1984PTC011068
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Boiler accessories, Spring hangers, supports and Pipe Supports.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 491000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Company is performing well. Liquidity position appears to be strong and healthy. Trade realtions 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. NOTE: Latest financial of 2013 is not available with us.

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.

INFORMATION PARTED BY

Name :	Mr. Venkates Wara
Designation :	General Manager (Finance)
Contact No.:	91-44-24967711/ 12/ 13/ 47/ 15
Date :	14.11.2013

LOCATIONS

Registered Office :	Door NO. 6, Plot No. 29, Industrial Estate, Perungudi, Chennai – 600 096, Tamil Nadu, India
Tel. No.:	91-44-24961003/ 24982668/ 24967711/ 12/ 13/ 47/ 15
Fax No.:	91-44-24961395
E-Mail :	psindia@vsnl.com
Website :	www.pipesupports.in

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Tiruvidaimaruthu Rajagopal Venkatraman

Designation :

Managing Director

Address :

H 48/ F2, Thendral Apartments, Srinivasapuram, Thiruvanmiyur, Chennai-600041, Tamilnadu, India.

Date of Birth/Age :

21.02.1985

Date of Appointment :

21.02.1985

DIN No.:

00346691

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	U28991TN1984PTC011068	PIPE HANGERS & SUPPORTS PRIVATE LIMITED	Managing director	21/02/1985	21/02/1985	-	Active	NO
2	U29120TN2002PTC048817	HILL AND SMITH INDIA PRIVATE LIMITED	Director	23/04/2002	23/04/2002	-	Active	NO
3	U72200TN2005PTC055542	ORIGINWAVE TECHSOFT PRIVATE LIMITED	Additional director	31/03/2008	31/03/2008	01/12/2011	Active	NO
4	U74999TN2013PTC090523	BLUE BAY PERSONAL CARE PRIVATE LIMITED	Director	11/04/2013	11/04/2013	-	Active	NO

Name :

Mr. Mahalingam Rajagopal

Designation :

Director

Address :

H 37/ 18, Gita Apartments, Kalakshetra Colony, Besant Nagar, Chennai-600090, Tamilnadu, India.

Date of Birth/Age :

24.06.1964

Date of Appointment :

17.11.1997

DIN No.:

00346705

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	U29120TN2002PTC048817	HILL AND SMITH INDIA PRIVATE LIMITED	Director	23/04/2002	23/04/2002	Active	NO
2	U28991TN1984PTC011068	PIPE HANGERS & SUPPORTS PRIVATE LIMITED	Director	26/09/2011	21/01/2011	Active	NO

Name :

Mr. T. R. Mahalingam

Designation :

Director

Address :

H 37/ 18, Gita Apartments, Kalakshetra Colony, Besant Nagar, Chennai-600090, Tamilnadu, India.

Date of Birth/Age :

10.09.1933

Date of Appointment :

21.01.2011

DIN No.:

00346730

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	U28991TN1984PTC011068	PIPE HANGERS & SUPPORTS PRIVATE LIMITED	Director	17/11/1997	17/11/1997	-	Active	NO
2	U99000TN1989NPL016779	INDO-AUSTRALIAN CHAMBER OF COMMERCE	Director	30/09/2008	30/09/2008	27/09/2010	Active	NO

Name :

Mr. Navin Muthu Ram

Designation :

Director

Address :

H48/F2, Thendral Apartments, Shrinivasapuram, Thiruvanmiyur, Chennai – 600 041, Tamil Nadu, India

Date of Birth/Age :

24.12.1972

Date of Appointment :

21.01.2011

KEY EXECUTIVES

Name :	Mr. Venkates Wara
Designation :	General Manager (Finance)

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Tiruvidaimaruthu Rajagopal Venkatraman	199990
T. R. Mahalingam	148000
Mahalingam Rajagopal	52000
Navin Muthu Ram	10
Total	400000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Boiler accessories, Spring hangers, supports and Pipe Supports.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· Axis Bank Limited, Corporate Banking Branch, Ground Floor, Karumuthu Nilayam, No.192, Anna Salai, Chennai – 600 002, Tamil Nadu, India · State Bank of India, Kasturba Nagar, Adyar, Chennai – 600 020, Tamil Nadu, India

Banking Relations :	--
Financial Institutions :	The Tamil Nadu Industrial Investment Corporation Limited, Arul Manai, 27, Whites Road, Madras – 600 014, Tamil Nadu, India
Auditors :
Name :	Gopal and Murthi Chartered Accountants
Address :	Gopalaram, 48 (Old 157), Luz Church Road, Mylapore, Chennai – 600 004, Tamil Nadu, India
Tel. No.:	91-44-24992908/ 24990060
PAN No.:	AAAFG0356R

CAPITAL STRUCTURE

AS ON 29.09.2012

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
400000	Equity Shares	Rs. 10/- each	Rs.4.000 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	4.000	4.000
(b) Reserves & Surplus	118.821	83.173
(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)	122.821	87.173
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	1.819	1.506
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1.819	1.506
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	28.928	22.456
(c) Other current liabilities	22.417	17.219
(d) Short-term provisions	8.274	17.328
Total Current Liabilities (4)	59.619	57.003
TOTAL	184.259	145.682
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	44.549	44.489
(ii) Intangible Assets	3.159	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	1.921	0.734
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	49.629	45.223
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	68.731	24.792
(c) Trade receivables	52.658	56.196
(d) Cash and cash equivalents	8.296	15.680
(e) Short-term loans and advances	4.277	3.652
(f) Other current assets	0.668	0.139
Total Current Assets	134.630	100.459
TOTAL	184.259	145.682

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.000
2] Share Application Money		0.000
3] Reserves & Surplus		55.225
4] (Accumulated Losses)		0.000
NETWORTH		59.225
LOAN FUNDS
1] Secured Loans		11.447
2] Unsecured Loans		0.000
TOTAL BORROWING		11.447
DEFERRED TAX LIABILITIES		1.517
TOTAL		72.189
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.418
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories
	Sundry Debtors
	Cash & Bank Balances
	Other Current Assets
	Loans & Advances	81.135
Total Current Assets		81.135
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions	51.364
Total Current Liabilities		51.364
Net Current Assets		29.771
MISCELLANEOUS EXPENSES		0.000
TOTAL		72.189

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		259.391	249.433
		Other Income		1.051	8.329
		TOTAL (A)		260.442	257.762	257.762
Less	EXPENSES
		Cost of Materials Consumed
		Purchase of Stock-in-trade
		Employee Benefits Expenses
		Other Expenses
		TOTAL (B)		192.419	190.455	198.004
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			68.023	67.307	59.758
Less	FINANCIAL EXPENSES (D)			0.000	1.921	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			68.023	65.386	59.758
Less	DEPRECIATION/ AMORTISATION (F)			6.396	5.628	0.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			61.627	59.758	59.758
Less	TAX (H)			19.791	20.183	20.171
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			41.836	39.575	39.587
Less	ADJUSTMENTS – DIVIDEND AND TAX			6.124	11.627	NA
Less	APPROPRIATIONS
			Transfer to General Reserve	5.000	5.000
	BALANCE CARRIED TO THE B/S			30.712	22.948	NA
	EARNINGS IN FOREIGN CURRENCY
			FOB Value of Export	3.648	6.333
	TOTAL EARNINGS			3.648	6.333	NA
	IMPORTS
			Raw Materials	32.709	38.518
	TOTAL IMPORTS			32.709	38.518	NA
	Earnings Per Share (Rs.)			104.59	NA	98.97

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	16.06	15.35	15.36
Net Profit Margin (PBT/Sales)	(%)	23.76	23.96	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.80	41.23	48.37
Return on Investment (ROI) (PBT/Networth)		0.50	0.69	1.01
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.19
Current Ratio (Current Asset/Current Liability)		2.26	1.76	1.58

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	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	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

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80016003	08/06/2013 *	150,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, GROUND FLOOR, KARUMUTHU NILAYAM, NO.192, ANNA SALAI, CHENNAI- 600002, TAMIL NADU, INDIA	B80740574
2	90307925	18/12/2004 *	9,000,000.00	STATE BANK OF INDIA	KASTURBA NAGAR, ADYAR, CHENNAI - 6000 20, TAMIL NADU, INDIA	-
3	90308414	29/10/1987	1,960,000.00	THE TAMIL NADU INDUSTRIAL INVESTMENT CORPORATION LIMITED	ARUL MANAI, 27; WHITES ROAD, MADRAS - 600014, TAMIL NADU, INDIA	-
4	90308413	17/03/1989 *	1,960,000.00	THE TAMIL NADU INDUSTRIAL INVESTMENT CORPORATION L IMITED	ARUL MANAI, 27; WHITES ROAD, MADRAS - 600014, TAMIL NADU, INDIA	-
5	90305704	19/04/1989 *	257,000.00	STATE BANK OF INDIA	ADYAR BRANCH, ADYAR, TAMIL NADU, INDIA	-
6	90304115	17/11/1987 *	1,760,000.00	THE TAMIL NADU INDUSTRIAL INVESTMENT CORPORATION LIMITED	ARUL MANAI, 27; WHITES ROAD, MADRAS - 600014, TAMIL NADU, INDIA	-
7	90305702	20/02/1990 *	257,000.00	STATE BANK OF INDIA	ADYUR BRANCH, CHENNAI - 600020, TAMIL NADU, INDIA	-
8	90305701	09/03/2001 *	257,000.00	STATE BANK OF INDIA	ADYAR BRANCH, CHENNAI - 600020, TAMIL NADU, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fitting

· Computer

· 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.62.58
UK Pound	1	Rs.101.42
Euro	1	Rs.84.70

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NKT

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	6
--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		47

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.