MIRA INFORM REPORT

Report Date :

21.09.2013

IDENTIFICATION DETAILS

Name :	ASIA MATCH COMPANY PRIVATE LIMITED

Registered Office :	17-A, Boopathy Building, Virudhunagar Road, Sivakasi - 626123, Tamilnadu

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	16.04.1971

Com. Reg. No.:	18-005975

Capital Investment / Paid-up Capital :	Rs. 7.200 Millions

CIN No.: [Company Identification No.]	U24291TN1971PTC005975

IEC No.:	0488012031

TAN No.: [Tax Deduction & Collection Account No.]	MRIA00624B

PAN No.: [Permanent Account No.]	AACCAZ744G

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Safety Match sticks.

No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 144000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. There appears drastic fall in the net profitability of the company during 2012. Profit margin seems to be low. However trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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

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

Name :	Mr. Pramod Shankar
Designation :	Director
Contact No.:	91-9894223156
Date :	17.09.2013

LOCATIONS

Registered Office/ Factory :	17-A, Boopathy Building, Virudhunagar Road, Sivakasi-626123, Tamilnadu, India
Tel. No.:	91-4562-2224228/234000
Mobile No.:	91-9894223156 (Mr. Pramod Shankar)
Fax No.:	91-4562-227265/222056
E-Mail :	pioneev@pioneerasia.com finance@pioineerasia.com export@pioneerasia.com
Website :	http://www.pioneerasia.com
Area :	4 Acre
Location	Owned

Note: Subject has 7 to 8 factories.

DIRECTORS

As on 10.12.2012

Name :

Mr. Sankaralingam Annamalai

Designation :

Director

Address :

Boopathy Building, 16, Virudh Nagar Road, Sivakasi-626123, Tamilnadu, India

Date of Birth/Age :

26.04.1947

Date of Appointment :

12.07.1972

DIN No.:

00001381

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	U24291TN1971PTC005975	ASIA MATCH COMPANY PRIVATE LIMITED	Director	12/07/1972	12/07/1972	-	Active	NO
2	U24297TN1972PLC006245	PANDIAN CHEMICALS LIMITED	Director	29/09/1973	29/09/1973	-	Active	NO
3	U24294TN1976PTC007180	PIONEER ASIA INDUSTRIES PRIVATE LIMITED	Director	02/08/1976	02/08/1976	-	Active	NO
4	U22211TN1978PTC007599	PIONEER PRESS PRIVATE LIMITED	Director	10/03/1983	10/03/1983	-	Active	NO
5	U65993TN1984PTC010640	NIRANJAN SANKAR ENTERPRISES PRIVATE LIMITED	Director	09/02/1984	09/02/1984	-	Active	NO
6	U36911TN1987PLC014168	MEPCO INDUSTRIES LIMITED	Director	22/12/2006	25/03/1987	-	Active	NO
7	U20296TN1992PLC061574	PIONEER MARINE PRODUCTS LIMITED	Director	02/09/1992	02/09/1992	-	Active	NO
8	U51909TN1993PTC061576	PIONEER OVERSEAS PRIVATE LIMITED	Director	19/08/1993	19/08/1993	-	Active	NO
9	U25209TN1983PTC010341	PIONEER ASIA PACKAGING PRIVATE LIMITED	Director	18/05/1994	18/05/1994	-	Active	NO
10	U28910TN1961PLC004478	THE METAL POWDER COMPANY LIMITED	Director	15/10/1994	15/10/1994	-	Active	NO
11	U40101TN1996PTC037121	PIONEER WINCON PRIVATE LIMITED	Director	13/12/1996	13/12/1996	-	Active	NO
12	U65993TN1998PTC041245	AMMAN MATCH COMPANY PRIVATE LIMITED	Director	12/10/1998	12/10/1998	-	Active	NO
13	U24291TN2000PTC045347	ASHOK MATCHES AND TIMBER INDUSTRIES PRIVATE LIMITED	Director	10/07/2000	10/07/2000	-	Active	NO
14	U72200TN2001PTC047036	INDUS ASUKA SOFTWARE PRIVATE LIMITED	Director	27/04/2001	27/04/2001	-	Active	NO
15	U15419TN1979PTC007875	PIONEER NF FORGINGS INDIA PRIVATE LIMITED	Director	22/07/2005	22/07/2005	-	Active	NO

Name :

Mr. Maheswaran Sankaralingam

Designation :

Director

Address :

174/A-1, Gagangiri Road, Sivakasi-626123, Tamilnadu, India

Date of Birth/Age :

07.09.1948

Date of Appointment :

12.07.1972

DIN No.:

00143046

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	U22121TN1968PTC005639	STANDARD PAPER CONTAINERS PRIVATE LIMITED	Director	14/08/1968	14/08/1968	-	Active	NO
2	U24291TN1971PTC005975	ASIA MATCH COMPANY PRIVATE LIMITED	Director	12/07/1972	12/07/1972	-	Active	NO
3	U24294TN1976PTC007180	PIONEER ASIA INDUSTRIES PRIVATE LIMITED	Director	02/08/1976	02/08/1976	-	Active	NO
4	U20211TN1976PTC007225	ASIA TIMBER PRODUCTS PRIVATE LIMITED	Director	20/11/1976	20/11/1976	-	Active	NO
5	L21012PY1974PLC000125	THE PONDICHERRY PAPERS LIMITED	Director	30/11/1976	30/11/1976	-	Active	NO
6	U22211TN1978PTC007599	PIONEER PRESS PRIVATE LIMITED	Director	10/03/1983	10/03/1983	-	Active	NO
7	U65993TN1984PTC010638	PRADEEP SANKAR ENTERPRISES PRIVATE LIMITED	Director	09/02/1984	09/02/1984	-	Active	NO
8	U60210TN1961PTC004641	TENZING TRANSPORTS PRIVATE LIMITED	Director	12/04/1985	12/04/1985	-	Active	NO
9	U24290TN1980PTC008210	MODERN MATCHES PRIVATE LIMITED	Director	04/12/1987	04/12/1987	-	Active	NO
10	U24295TN1991PTC060630	PIONEER JELLICE INDIA PRIVATE LIMITED	Director	22/08/1991	22/08/1991	-	Active	NO
11	U20296TN1992PLC061574	PIONEER MARINE PRODUCTS LIMITED	Director	02/09/1992	02/09/1992	-	Active	NO
12	U51909TN1993PTC061576	PIONEER OVERSEAS PRIVATE LIMITED	Director	19/08/1993	19/08/1993	-	Active	NO
13	U24292TN1993PLC024919	STANDARD PYROTECHNICS LIMITED	Director	30/01/1994	30/01/1994	-	Active	NO
14	U25209TN1983PTC010341	PIONEER ASIA PACKAGING PRIVATE LIMITED	Director	23/05/1994	23/05/1994	-	Active	NO
15	U24292TN1977PTC007319	STANDARD FIRE WORKS PRIVATE LIMITED	Director	01/10/2012	10/08/1995	-	Active	NO

Name :

Mr. Arunachalam Tenzing

Designation :

Director

Address :

‘Pioneer House’, 174-A, Gnanagiri Road, Viridhnagar, Sivakasi-626123, Tamilnadu, India

Date of Birth/Age :

17.06.1953

Date of Appointment :

20.08.1982

DIN No.:

00014412

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	U24294TN1976PTC007180	PIONEER ASIA INDUSTRIES PRIVATE LIMITED	Director	02/08/1976	02/08/1976	-	Active	NO
2	U24291TN1971PTC005975	ASIA MATCH COMPANY PRIVATE LIMITED	Director	20/08/1982	20/08/1982	-	Active	NO
3	U20211TN1976PTC007225	ASIA TIMBER PRODUCTS PRIVATE LIMITED	Director	20/08/1982	20/08/1982	-	Active	NO
4	U22211TN1978PTC007599	PIONEER PRESS PRIVATE LIMITED	Director	10/03/1983	10/03/1983	-	Active	NO
5	U24292TN1977PTC007319	STANDARD FIRE WORKS PRIVATE LIMITED	Director	16/03/1983	16/03/1983	-	Active	NO
6	U65993TN1984PTC010639	ARUNSANKAR ENTERPRISES PRIVATE LIMITED	Director	09/02/1984	09/02/1984	-	Active	NO
7	U27203TN1983PLC009916	ALUMINIUM POWDER COMPANY LIMITED	Director	01/08/1984	01/08/1984	-	Active	NO
8	U60210TN1961PTC004641	TENZING TRANSPORTS PRIVATE LIMITED	Director	12/04/1985	12/04/1985	-	Active	NO
9	U24290TN1980PTC008210	MODERN MATCHES PRIVATE LIMITED	Director	04/12/1987	04/12/1987	-	Active	NO
10	U24292TN1990PTC019468	RAJARATNAM FIREWORKS PRIVATE LIMITED	Director	01/08/1990	01/08/1990	-	Active	NO
11	U28910TN1961PLC004478	THE METAL POWDER COMPANY LIMITED	Director	26/09/1990	26/09/1990	-	Active	NO
12	U24294TN1991PTC025332	VICTORY CHEMICALS PRIVATE LIMITED	Director	11/07/1991	11/07/1991	-	Active	NO
13	U24295TN1991PTC060630	PIONEER JELLICE INDIA PRIVATE LIMITED	Director	22/08/1991	22/08/1991	-	Active	NO
14	U20296TN1992PLC061574	PIONEER MARINE PRODUCTS LIMITED	Director	02/09/1992	02/09/1992	-	Active	NO
15	U51909TN1993PTC061576	PIONEER OVERSEAS PRIVATE LIMITED	Director	19/08/1993	19/08/1993	-	Active	NO

Name :

Mrs. Aruna Ashok

Designation :

Director

Address :

56, Shield Road, Sivakasi – 626124, Tamilnadu, India

Date of Birth/Age :

13.11.1960

Date of Appointment :

10.12.2012

DIN No.:

00143714

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	U65993TN1984PTC010653	BOOPATHY INVESTMENTS PRIVATE LIMITED	Director	16/02/1984	16/02/1984	-	Active	NO
2	U24291TN1999PTC041999	ARUNSANKAR MATCH INDUSTRIES PRIVATE LIMITED	Director	03/03/1999	03/03/1999	-	Active	NO
3	U24291TN2000PTC045347	ASHOK MATCHES AND TIMBER INDUSTRIES PRIVATE LIMITED	Whole-time director	29/06/2010	02/03/2007	-	Active	NO
4	U74900TN2011PTC083146	PIONEER FIREWORKS PRIVATE LIMITED	Director	15/11/2011	15/11/2011	-	Active	NO
5	U74999TN2011PTC083215	RHINO FIREWORKS PRIVATE LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO
6	U74900TN2011PTC083535	TAMARAI FIREWORKS PRIVATE LIMITED	Director	12/12/2011	12/12/2011	-	Active	NO
7	U74999TN2005PTC057878	HIBISCUS ENTERPRISES PRIVATE LIMITED	Director	26/09/2012	06/01/2012	-	Active	NO
8	U20296TN1992PLC061574	PIONEER MARINE PRODUCTS LIMITED	Director	10/12/2012	06/01/2012	-	Active	NO
9	U24291TN1971PTC005975	ASIA MATCH COMPANY PRIVATE LIMITED	Director	10/12/2012	06/01/2012	-	Active	NO
10	U65993TN1998PTC041245	AMMAN MATCH COMPANY PRIVATE LIMITED	Director	10/12/2012	06/01/2012	-	Active	NO
11	U22211TN1978PTC007599	PIONEER PRESS PRIVATE LIMITED	Additional director	01/02/2012	01/02/2012	-	Active	NO
12	U25209TN1983PTC010341	PIONEER ASIA PACKAGING PRIVATE LIMITED	Additional director	01/02/2012	01/02/2012	-	Active	NO
13	U45200TN2008PTC068359	SAFFRON ENTERPRISES PRIVATE LIMITED	Director	26/09/2012	01/02/2012	-	Active	NO
14	U74990TN2010PTC078127	CINNAMON HOLDINGS PRIVATE LIMITED	Director	14/05/2012	01/02/2012	-	Active	NO
15	U31103TN1995PTC074436	TAMARAI HOMES PRIVATE LIMITED	Director	27/09/2012	01/02/2012	-	Active	NO
16	U15419TN1979PTC007875	PIONEER NF FORGINGS INDIA PRIVATE LIMITED	Director	28/09/2012	01/02/2012	-	Active	NO

Name :

Mr. Pramod Sankar

Designation :

Director

MAJOR SHAREHOLDERS

As on 10.12.2012

Names of Shareholders		No. of Shares
S Annamalai		3120
S Maheshwaran		3120
A Tenzing		4800
S Ashok		5280
S Annamalai (HUF)		2280
S Mahewaran (HUF)		2280
A Aruna		3120
A Tenzing (HUF)		6600
Niranjansankar Enterprises Private Limited, Tamilnadu, India		6000
Pradeepsankar Enterprises Private Limited, Tamilnadu, India		6000
Boopathy Investments Private Limited, Tamilnadu, India		6000
Arunshankar Enterprises Private Limited, Tamilnadu, India		6600
A Niranjanshankar		1500
M. Pradeepsankar		3000
T Arunsankar		10800
A Pramod Sankar		1500
Total		72000

Equity Share Break up (Percentage of Total Equity)

As on 10.12.2012

Category	Percentage
Bodies corporate	34.00
Directors or relatives of Directors	66.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Safety Match sticks.

Products :

Product Description	ITC Code
Safety Matches	360500-01

Safety Matches
Cardboard Matches
Wax Matches
Kitchen Matches
Barbeque Matches
Advertising Matches
Novelty Matches
Safety match Machinery
Long Matches

Exports :

Products :

Safety Matches
Cardboard Matches
Wax Matches
Kitchen Matches
Barbeque Matches
Advertising Matches
Novelty Matches
Safety match Machinery
Long Matches

Countries :

Asian Country
Europe
Middle East
USA
UK
UAE

Imports :

Products :

Raw Material

Countries :

Russia
Europe
China
Taiwan
Japan

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Retailers

No. of Employees :

2000 (Approximately)

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Indian Overseas Bank, Madurai Main Branch, 127, East Veli Street, Madurai-625001, Tamilnadu, India
State Bank of India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Term Loan from Bank
From HDFC Bank Limited	0.000	27.660
From State Bank of India	0.000	1.345
Short Term Borrowings
Cash Credit from State Bank of India, Sivakasi (Secured by hypothecation of stocks and receivables and personal guarantee of directors)	67.353	19.759
Total	67.353	48.764


Banking Relations :	--

Auditors :
Name :	S Chandrasekaran Chartered Accountant
Address :	12, Katha Nadar Street, Sivakasi-626123, Tamilnadu, India
Tel No.:	91-4562-274375/220616
PAN No.:	ABEPC3994J

Sister Concern :	Shri Ayyanar Address: 17-A, Boopathy Building, Virudhunagar Road, Sivakasi-626123, Tamil Nadu, India Line of Business: Manufacturer of Spining Mills. Pioneer Asia Address: 17-A, Boopathy Building, Virudhunagar Road, Sivakasi-626123, Tamil Nadu, India Line of Business: Manufacturer and Exporter of Safety Match sticks.

CAPITAL STRUCTURE

As on 10.12.2012

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

72000	Equity Shares	Rs. 100/- each	Rs. 7.200 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	7.200	7.200
(b) Reserves & Surplus	28.748	27.985
(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)	35.948	35.185

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	29.005
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	17.562	6.663
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	17.562	35.668

(4) Current Liabilities
(a) Short term borrowings	67.353	19.759
(b) Trade payables	162.320	181.079
(c) Other current liabilities	1.922	1.092
(d) Short-term provisions	8.310	5.815
Total Current Liabilities (4)	239.905	207.745

TOTAL	293.415	278.598

II. ASSETS
(1) Non-current assets
(a) Fixed Assets	75.673	60.919
(i) Tangible assets	0.000	0.000
(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	4.617	4.617
(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	80.290	65.536

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	74.077	44.000
(c) Trade receivables	116.589	148.515
(d) Cash and cash equivalents	8.606	7.704
(e) Short-term loans and advances	6.922	5.143
(f) Other current assets	6.931	7.700
Total Current Assets	213.125	213.062

TOTAL	293.415	278.598

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.200
2] Share Application Money		0.000
3] Reserves & Surplus		40.000
4] (Accumulated Losses)		(14.077)
NETWORTH		33.123
LOAN FUNDS
1] Secured Loans		30.067
2] Unsecured Loans		0.000
TOTAL BORROWING		30.067
DEFERRED TAX LIABILITIES		0.000

TOTAL		63.190

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		59.351
Capital work-in-progress		0.000

INVESTMENT		5.118
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	42.852
	Sundry Debtors	96.142
	Cash & Bank Balances	6.194
	Other Current Assets	7.702
	Loans & Advances	3.279
Total Current Assets		156.169
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	146.635
	Other Current Liabilities	10.813
	Provisions	0.000
Total Current Liabilities		157.448
Net Current Assets		(1.279)

MISCELLANEOUS EXPENSES		0.000

TOTAL		63.190

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1012.359	599.453	473.226
		Other Income	7.638	7.642	10.269
		TOTAL (A)	1019.997	607.095	483.495

Less	EXPENSES
		Cost of Goods Sold	292.041	118.792
		Purchase of stock-in-trade	502.952	346.503
		Changes in inventories of finished goods	(16.191)	4.467
		Employee benefits expenses	113.472	53.458
		Other expanses	93.198	62.387
		TOTAL (B)	985.472	585.607	464.673

Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.525	21.488	18.822

Less	FINANCIAL EXPENSES (D)		24.664	13.023	10.245

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.861	8.465	8.577

Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.099	6.404	6.205

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.762	2.061	2.372

Less	TAX (H)		0.00	0.000	0.000

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.762	2.061	2.372

	Earnings Per Share (Rs.)		3.81	10.31	32.94

Particulars

31.03.2013

Sales Turnover (Approximately)

800.000

Expected Sales (2012-2013) : Rs. 700.000 Millions.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.07	0.34	0.49

Net Profit Margin (PBT/Sales)	(%)	0.08	0.34	0.50

Return on Total Assets (PBT/Total Assets}	(%)	0.36	0.98	1.10

Return on Investment (ROI) (PBT/Networth)		0.02	0.06	0.07

Debt Equity Ratio (Total Debt /Networth)		1.87	1.39	0.91

Current Ratio (Current Asset/Current Liability)		0.89	1.25	0.99

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	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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
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 CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10388185	29/10/2012	110,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B62658216
2	10293791	11/05/2011	22,800,000.00	STATE BANK OF INDIA	VELAYUTHAM ROAD, MAIN BRANCH, SIVAKASI, Tamilnadu - 626123, INDIA	B15610231
3	10065377	29/08/2008 *	127,800,000.00	LAKSHMI VILAS BANK LIMITED	SALEM ROAD KATHAPARAI,KARUR, KARUR, TAMILNADU, Tamilnadu - 639006, INDIA	A44300796
4	90286946	31/10/2011 *	800,000,000.00	INDIAN OVERSEAS BANK	MADURAI MAIN BRANCH, 127, EAST VELI STREET, MADURAI, Tamilnadu - 625001, INDIA	B28270924
5	90298012	14/03/1987	465,600.00	STATE BANK OF INDIA	SIVAKASI, SIVAKASI, Tamil Nadu, INDIA	-
6	90295475	17/06/2002 *	5,067,500.00	STATE BANK OF INDIA	SIVAKASI, SIVAKASI, Tamil Nadu, INDIA	-
7	90295474	02/11/2010 *	40,549,000.00	INDIAN OVERSEAS BANK	GEETHALAYA BUILDINGS, CHAIRMAN SHUNMUGA NADAR ROAD, SIVAKASI, Tamil Nadu - 626123, INDIA	B01556091
8	90297287	21/05/2011 *	90,400,000.00	STATE BANK OF INDIA	VELAYUTHAM ROAD, MAIN BRANCH, SIVAKASI, Tamilnadu - 626123, INDIA	B15286149
9	80039668	09/08/2008 *	58,425,000.00	INDIAN OVERSEAS BANK	GEETHALAYA BUILDINGS, CHAIRMAN SHUNMUGA NADAR ROAD, SIVAKASI, Tamil Nadu - 626123, INDIA	A44921534

* Date of charge modification

FINANCIAL RESULT:

The Production of matches in the manufacturing units of the Company has increased to 7453343 units from 3512660 units produced in the previous year. The purchase of matches has increased to 8990841 units from 6560681 units purchased during the previous year. The quantum of sales during the year has also increased to 16299863 units as against 10217400 units sold in the previous year.

As the Company had to face the Cut-throat competition from the match companies resorting to direct marketing of their products through undercutting techniques, the Company had to offer rebates to customers to withstand the fierce competition and to retain its share in the matches market. Inspire of the strenuous effects taken by the Directors, a sizable erosion of the market share of the Company could not be avoided. Concerted efforts of cost control are being taken by your Directors for improving the profitability of the operations of the Company.

The operations of the Company during the year have resulted in a Net profit Rs. 0.763 Millions as against the Net Profit of Rs. 2.061 Millions for the last year.

FIXED ASSETS:

Land-Free hold
Building
Plant and Machinery
Office Appliance and Equipments
Vehicle
Furniture and Fixture
Livestock
Watch Accessories

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. 62.24
UK Pound	1	Rs. 99.90
Euro	1	Rs. 84.23

INFORMATION DETAILS

Information Gathered by :	SVA

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.

MIRA INFORM REPORT

42.852

96.142

6.194

7.702

3.279

146.635

10.813

0.000

(1.279)

0.07

0.34

0.08

0.34

0.36

0.98

0.02

0.06

1.87

1.39

0.89

1.25

Unit