MIRA INFORM REPORT

Report Date :

12.02.2014

IDENTIFICATION DETAILS

Name :	V.V. TITANIUM PIGMENTS PRIVATE LIMITED
Registered Office :	Mahadevankulam, Tisaiyanvillai, Tirunelveli - 627657, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.09.2011
Com. Reg. No.:	18-082322
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U24110TN2011PTC082322
PAN No.: [Permanent Account No.]	AAAFN0572A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of Titanium Dioxide and Ferrous Sulphate.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 292000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. External borrowing of the company appears to be huge. However, trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

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 :	Mahadevankulam, Tisaiyanvillai, Tirunelveli-627657, Tamil Nadu, India
Tel. No.:	91-4637-272365
Fax No.:	91-4637-271802
E-Mail :	info@vvtipigments.com chennai@transworldgarnet.com chennaiho@vmacs.co.in
Website :	www.vvtipigments.com
Location :	owned
Factory:	A-81,Sipcot Industrial Complex, South Veerapandiapuram PO, Thoothukudi -628002, Tamil Nadu, India
Tel. No.:	91-461-2340491/ 2340495
Fax No.:	91-461-2340449
E-Mail :	info@vvtpigments.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Subbaiah Nadar Vaikundarajan

Designation :

Director

Address :

M L Theri Road, Keeraikaranphattu, Tisaiyanvilai, Tirunelveli-627657, Tamilnadu, India

Date of Birth/Age :

04.11.1955

Date of Appointment :

14.09.2011

PAN No.:

ABEPV0032E

DIN No.:

00794778

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	U29256TN1997PTC038709	INDUSTRIAL MINERALS INDIA PRIVATE LIMITED	Managing director	25/07/1997	25/07/1997	-	Active	NO
2	U13209TN2001PTC046645	V.V MINERALS PRIVATE LIMITED	Managing director	16/02/2001	16/02/2001	13/07/2011	Active	NO
3	U60210TN2002PTC050040	FANCY TRANSPORTS PRIVATE LIMITED	Director	16/12/2002	16/12/2002	-	Active	NO
4	U18101TN2002PTC050088	APOLLO TEXTILES PRIVATE LIMITED	Managing director	24/12/2002	24/12/2002	-	Dormant	NO
5	U01119TN1990PTC019800	RIVERWAY AGRO PRODUCTS PRIVATE LIMITED	Director	02/06/2003	02/06/2003	-	Active	NO
6	U22121TN2002PTC049902	CURIO AUTO MARK PRIVATE LIMITED	Director	09/02/2004	09/02/2004	29/03/2008	Active	NO
7	U63040TN2002PTC049950	MARUTI TRANSPORTS PRIVATE LIMITED	Director	07/02/2005	07/02/2005	-	Active	NO
8	U15511TN2002PTC048303	ASWATHAASUGARS DISTILLERIES PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
9	U28939TN2007PTC064148	V.V.IRON &STEEL COMPANY PRIVATE LIMITED	Managing director	29/06/2007	29/06/2007	14/07/2011	Active	YES
10	U93090TN1995PTC032459	TRANSWORLD GARNET INDIA PRIVATE LIMITED	Director	29/09/2008	29/09/2008	-	Active	NO
11	U17115TZ1991PTC003564	SHREE SANGHVI MILLS PRIVATE LIMITED	Managing director	01/11/2009	01/11/2009	-	Active	NO
12	U24110TN2011PTC082322	V.V. Titanium Pigments Private Limited	Director	14/09/2011	14/09/2011	-	Active	NO
13	U64200TN2011PTC082529	V V Network Private Limited	Director	28/09/2011	28/09/2011	-	Active	NO
14	U18201KA2006PLC038709	ISHWARYA AZOICS LIMITED	Managing director	01/01/2012	01/01/2012	-	Active	NO
15	U24222TN2004PLC052941	EDISON PAINTS LIMITED	Managing director	01/01/2012	01/01/2012	-	Active	NO
16	U40300TN2012PTC088883	V.V. Renewable Energy Private Limited	Director	11/12/2012	11/12/2012	-	Active	NO
17	U15420TN2007PTC064381	DHANALAKSHMI SRINIVASAN SUGARS PRIVATE LIMITED	Managing director	03/07/2013	03/07/2013	-	Active	NO

Name :

Mr. Subbiah Nadar Jegadeesan

Designation :

Director

Address :

M L Theri Road, Keeraikaranphattu, Tisaiyanvilai, Tirunelveli-627657, Tamilnadu, India

Date of Birth/Age :

17.01.1959

Date of Appointment :

14.09.2011

PAN No.:

ABXPJ7672F

DIN No.:

00794415

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	U29256TN1997PTC038709	INDUSTRIAL MINERALS INDIA PRIVATE LIMITED	Director	29/08/2000	29/08/2000	-	Active	NO
2	U13209TN2001PTC046645	V.V MINERALS PRIVATE LIMITED	Director	16/02/2001	16/02/2001	13/07/2011	Active	NO
3	U18101TN2002PTC050088	APOLLO TEXTILES PRIVATE LIMITED	Director	24/12/2002	24/12/2002	-	Dormant	NO
4	U22121TN2002PTC049902	CURIO AUTO MARK PRIVATE LIMITED	Director	09/02/2004	09/02/2004	27/01/2012	Active	NO
5	U15511TN2002PTC048303	ASWATHAASUGARS DISTILLERIES PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
6	U28939TN2007PTC064148	V.V.IRON &STEEL COMPANY PRIVATE LIMITED	Director	29/06/2007	29/06/2007	14/07/2011	Active	Yes
7	U93090TN1995PTC032459	TRANSWORLD GARNET INDIA PRIVATE LIMITED	Director	29/09/2008	29/09/2008	-	Active	NO
8	U17115TZ1991PTC003564	SHREE SANGHVI MILLS PRIVATE LIMITED	Director	01/11/2009	01/11/2009	-	Active	NO
9	U24110TN2011PTC082322	V.V.Titanium Pigments Private Limited	Director	14/09/2011	14/09/2011	-	Active	NO
10	U64200TN2011PTC082529	V V Network Private Limited	Director	28/09/2011	28/09/2011	-	Active	NO
11	U18201KA2006PLC038709	ISHWARYA AZOICS LIMITED	Director	01/01/2012	01/01/2012	-	Active	NO
12	U24222TN2004PLC052941	EDISON PAINTS LIMITED	Director	01/01/2012	01/01/2012	-	Active	NO
13	U40300TN2012PTC088883	V.V. Renewable Energy Private Limited	Director	11/12/2012	11/12/2012	-	Active	NO
14	U15420TN2007PTC064381	DHANALAKSHMI SRINIVASAN SUGARS PRIVATE LIMITED	Director	03/07/2013	03/07/2013	-	Active	NO

Name :

Mr. Chandraboopathi Vaikundaratan

Designation :

Director

Address :

M L Theri Road, Keeraikaranphattu, Tisaiyanvilai, Tirunelveli-627657, Tamilnadu, India

Date of Birth/Age :

08.02.1961

Date of Appointment :

14.09.2011

PAN No.:

AEUPC3562R

DIN No.:

03584078

Name :

Ms. Renuka Jegatheesan

Designation :

Director

Address :

M L Theri Road, Keeraikaranphattu, Tisaiyanvilai, Tirunelveli-627657, Tamilnadu, India

Date of Birth/Age :

14.04.1963

Date of Appointment :

14.09.2011

PAN No.:

ABXPJ7678R

DIN No.:

03584149

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	U93090TN1995PTC032459	TRANSWORLD GARNET INDIA PRIVATE LIMITED	Director	28/09/2011	13/07/2011	-	Active	NO
2	U24110TN2011PTC082322	V.V.Titanium Pigments Private Limited	Director	14/09/2011	14/09/2011	-	Active	NO

Name :

Mr. Vaikundarajan Subramanian

Designation :

Director

Address :

M L Theri Road, Keeraikaranphattu, Tisaiyanvilai, Tirunelveli-627657, Tamilnadu, India

Date of Birth/Age :

02.06.1982

Date of Appointment :

14.09.2011

PAN No.:

ANVPS2304R

DIN No.:

00794541

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	U14102TN2002PTC048302	A WORLD ROCK PRIVATE LIMITED	Director	09/09/2002	09/09/2002	-	Active	NO
2	U18101TN2002PTC050088	APOLLO TEXTILES PRIVATE LIMITED	Director	24/12/2002	24/12/2002	-	Dormant	NO
3	U28939TN2007PTC064148	V.V.IRON &STEEL COMPANY PRIVATE LIMITED	Director	29/06/2007	29/06/2007	13/07/2011	Active	YES
4	U93090TN1995PTC032459	TRANSWORLD GARNET INDIA PRIVATE LIMITED	Director	29/09/2008	29/09/2008	-	Active	NO
5	U13209TN2001PTC046645	V.V MINERALS PRIVATE LIMITED	Additional director	05/12/2008	05/12/2008	13/07/2011	Active	NO
6	U17115TZ1991PTC003564	SHREE SANGHVI MILLS PRIVATE LIMITED	Director	08/12/2009	08/12/2009	-	Active	NO
7	U24110TN2011PTC082322	V.V.Titanium Pigments Private Limited	Director	14/09/2011	14/09/2011	-	Active	NO

Name :

Mr. Karthiyayini Arumuga Selvan

Designation :

Director

Address :

M L Theri Road, Keeraikaranphattu, Tisaiyanvilai, Tirunelveli-627657, Tamilnadu, India

Date of Birth/Age :

28.05.1989

Date of Appointment :

14.09.2011

PAN No.:

BACPK6338N

DIN No.:

03589386

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	U93090TN1995PTC032459	TRANSWORLD GARNET INDIA PRIVATE LIMITED	Director	28/09/2011	13/07/2011	-	Active	NO
2	U24110TN2011PTC082322	V.V.Titanium Pigments Private Limited	Director	14/09/2011	14/09/2011	-	Active	NO

Name :

Mr. Jegathesesan Muthurajan

Designation :

Director

Address :

M L Theri Road, Keeraikaranphattu, Tisaiyanvilai, Tirunelveli-627657, Tamilnadu, India

Date of Birth/Age :

06.10.1985

Date of Appointment :

14.09.2011

DIN No.:

01449960

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	U28939TN2007PTC064148	V.V.IRON &STEEL COMPANY PRIVATE LIMITED	Director	29/06/2007	29/06/2007	14/07/2011	Active	YES
2	U93090TN1995PTC032459	TRANSWORLD GARNET INDIA PRIVATE LIMITED	Director	29/09/2008	29/09/2008	-	Active	NO
3	U13209TN2001PTC046645	V.V MINERALS PRIVATE LIMITED	Additional director	05/12/2008	05/12/2008	13/07/2011	Active	NO
4	U17115TZ1991PTC003564	SHREE SANGHVI MILLS PRIVATE LIMITED	Director	08/12/2009	08/12/2009	-	Active	NO
5	U24110TN2011PTC082322	V.V.Titanium Pigments Private Limited	Director	14/09/2011	14/09/2011	-	Active	NO
6	U18201KA2006PLC038709	ISHWARYA AZOICS LIMITED	Director	01/01/2012	01/01/2012	-	Active	NO
7	U24222TN2004PLC052941	EDISON PAINTS LIMITED	Director	01/01/2012	01/01/2012	-	Active	NO
8	U40300TN2012PTC088883	V.V. Renewable Energy Private Limited	Director	11/12/2012	11/12/2012	-	Active	NO
9	U15420TN2007PTC064381	DHANALAKSHMI SRINIVASAN SUGARS PRIVATE LIMITED	Director	03/07/2013	03/07/2013	-	Active	NO

Name :

Mr. Vaikundarajan Velmurugan

Designation :

Director

Address :

M L Theri Road, Keeraikaranphattu, Tisaiyanvilai, Tirunelveli-627657, Tamilnadu, India

Date of Birth/Age :

03.07.1986

Date of Appointment :

14.09.2011

DIN No.:

02400199

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	U93090TN1995PTC032459	TRANSWORLD GARNET INDIA PRIVATE LIMITED	Director	29/09/2008	29/09/2008	-	Active	NO
2	U13209TN2001PTC046645	V.V MINERALS PRIVATE LIMITED	Additional director	05/12/2008	05/12/2008	13/07/2011	Active	NO
3	U17115TZ1991PTC003564	SHREE SANGHVI MILLS PRIVATE LIMITED	Director	08/12/2009	08/12/2009	-	Active	NO
4	U24110TN2011PTC082322	V.V.Titanium Pigments Private Limited	Director	14/09/2011	14/09/2011	-	Active	NO
5	U18201KA2006PLC038709	ISHWARYA AZOICS LIMITED	Director	01/01/2012	01/01/2012	-	Active	NO
6	U24222TN2004PLC052941	EDISON PAINTS LIMITED	Director	01/01/2012	01/01/2012	-	Active	NO
7	U40300TN2012PTC088883	V.V. Renewable Energy Private Limited	Director	11/12/2012	11/12/2012	-	Active	NO
8	U15420TN2007PTC064381	DHANALAKSHMI SRINIVASAN SUGARS PRIVATE LIMITED	Director	30/09/2013	02/07/2013	-	Active	NO

Name :

Mr. Chenthil Rajan Jegadeesanc

Designation :

Director

Address :

M L Theri Road, Keeraikaranphattu, Tisaiyanvilai, Tirunelveli-627657, Tamilnadu, India

Date of Birth/Age :

28.06.1988

Date of Appointment :

14.09.2011

DIN No.:

02400272

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	U93090TN1995PTC032459	TRANSWORLD GARNET INDIA PRIVATE LIMITED	Director	29/09/2008	29/09/2008	-	Active	NO
2	U13209TN2001PTC046645	V.V MINERALS PRIVATE LIMITED	Additional director	05/12/2008	05/12/2008	13/07/2011	Active	NO
3	U17115TZ1991PTC003564	SHREE SANGHVI MILLS PRIVATE LIMITED	Director	08/12/2009	08/12/2009	-	Active	NO
4	U24110TN2011PTC082322	V.V.Titanium Pigments Private Limited	Director	14/09/2011	14/09/2011	-	Active	NO
5	U18201KA2006PLC038709	ISHWARYA AZOICS LIMITED	Director	01/01/2012	01/01/2012	-	Active	NO
6	U24222TN2004PLC052941	EDISON PAINTS LIMITED	Director	01/01/2012	01/01/2012	-	Active	NO
7	U40300TN2012PTC088883	V.V. Renewable Energy Private Limited	Director	11/12/2012	11/12/2012	-	Active	NO
8	U15420TN2007PTC064381	DHANALAKSHMI SRINIVASAN SUGARS PRIVATE LIMITED	Director	30/09/2013	02/07/2013	-	Active	NO

Name :

Mr. Subburajan

Designation :

Director

Address :

M L Theri Road, Keeraikaranphattu, Tisaiyanvilai, Tirunelveli-627657, Tamilnadu, India

Date of Birth/Age :

09.08.1991

Date of Appointment :

14.09.2011

DIN No.:

03584085

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	U93090TN1995PTC032459	TRANSWORLD GARNET INDIA PRIVATE LIMITED	Director	28/09/2011	13/07/2011	-	Active	NO
2	U24110TN2011PTC082322	V.V.Titanium Pigments Private Limited	Director	14/09/2011	14/09/2011	-	Active	NO
3	U40300TN2012PTC088883	V.V. Renewable Energy Private Limited	Additional director	12/06/2013	12/06/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Subbaiah Nadar Vaikundarajan	5000
Chandraboopathi Vaikundaratan	5000
Vaikundarajan Subramanian	5000
Vaikundarajan Velmurugan	5000
Subbiah Nadar Jegadeesan	5000
Renuka Jegatheesan	5000
Jegatheesan Muthurajan	5000
J. Centhil Rajan	5000
J. Subbu Rajan	5000
S. Karthiyayini	5000
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of Titanium Dioxide and Ferrous Sulphate.

Products :

Product Description	ITC Code
Titanium Dioxide	28230010

Brand Names :

OPATI

GENERAL INFORMATION

No. of Employees :	400 (Approximately)
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	N.C. Rajagopal and Company Chartered Accountants
Address :	NO.22 Krishnasamy Avenue, Mylapore, Chennai-600004, Tamil Nadu, India
E-Mail :	ncrajagopal@gmail.com
PAN No.:	AAAFN0572A
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	V.V. Minerals

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013 (12 Months)	31.03.2012 (6 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000
(b) Reserves & Surplus	67.939	17.246
(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)	72.939	22.246
(3) Non-Current Liabilities
(a) long-term borrowings	1016.860	1016.860
(b) Deferred tax liabilities (Net)	14.313	9.418
(c) Other long term liabilities	11.182	9.882
(d) long-term provisions	2.326	2.008
Total Non-current Liabilities (3)	1044.681	1038.168
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	394.418	478.368
(c) Other current liabilities	25.258	14.639
(d) Short-term provisions	16.541	49.994
Total Current Liabilities (4)	436.217	543.001
TOTAL	1553.837	1603.415
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	199.623	210.218
(ii) Intangible Assets	443.541	570.267
(iii) Capital work-in-progress	4.988	4.135
(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	9.629	12.679
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	657.781	797.299
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	244.066	498.147
(c) Trade receivables	199.289	121.755
(d) Cash and cash equivalents	327.266	131.172
(e) Short-term loans and advances	116.767	54.252
(f) Other current assets	8.668	0.790
Total Current Assets	896.056	806.116
TOTAL	1553.837	1603.415

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013 (12 Months)	31.03.2012 (6 Months)
	SALES
		Income			615.953
		Other Income			4.926
		TOTAL (A)		2049.809	620.879
Less	EXPENSES
		Cost of Materials Consumed
		Employee Benefits Expenses
		Other Expenses
		TOTAL (B)		1820.758	520.073
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			229.051	100.806
Less	FINANCIAL EXPENSES (D)			1.897	0.621
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			227.154	100.185
Less	DEPRECIATION/ AMORTISATION (F)			153.305	73.521
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			73.849	26.664
Less	TAX (H)			23.156	9.418
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			50.693	17.246
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	NA	73.942
	TOTAL EARNINGS			NA	73.942
	Earnings Per Share (Rs.)			1013.86	631.23

KEY RATIOS

PARTICULARS		31.03.2013 (12 Months)	31.03.2012 (6 Months)
PAT / Total Income	(%)	2.47	2.78
Net Profit Margin (PBT/Sales)	(%)	NA	4.33
Return on Total Assets (PBT/Total Assets}	(%)	4.77	1.67
Return on Investment (ROI) (PBT/Networth)		1.01	1.20
Debt Equity Ratio (Total Debt /Networth)		13.94	45.71
Current Ratio (Current Asset/Current Liability)		2.05	1.48

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	Yes
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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and advances from directors (Repayable after 12 months from April 2013 without Interest)	0.160	0.160
Loans and advances from others (Rs.1016.700 Millions From a firm in which all the Partners are Shareholders. Repayable after a period of twelve months from April 2013 without interest.)	1016.700	1016.700
Total	1016.860	1016.860

BACKGROUND

The Company was incorporated on 14th September 2011. The registered office of the Company is located in Tisaiyanvillai. The Company had acquired the Chemical Division of Kilburn Chemicals Limited by way of Slump Sale. The chemical factory is located at Tuticorin.

OPERATIONS

The Company is engaged in manufacturing of Titanium Dioxide and Ferrous Sulphate. The Company has recorded a total income of Rs.2049.800 Millions in 2012-13 against Rs.620.900 Millions (6 months) in 2011-12 and has earned a profit of Rs.51.000 Millions (After Tax) during the year ended 31st March 2013.

NOTE: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and machinery

· Computer

· Vehicles

· Office Equipment’ss

· Furniture and Fixture

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.62.44
UK Pound	1	Rs.102.48
Euro	1	Rs.85.28

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27s

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 & operationsal 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.